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Sat 29 Sep 2012 10:51 AM

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Eshraq inks deal with Emaar for Dubai hotel

Abu Dhabi real estate firm acquires the Nuran Marina Hotel Apartments in Dubai Marina

Eshraq inks deal with Emaar for Dubai hotel

Abu Dhabi-listed Eshraq Properties Co on Saturday announced the acquisition of a hotel in Dubai from real estate giant Emaar.

It said in a statement that it has bought the Nuran Marina Hotel Apartments in Dubai Marina area.

The company said it had completed a deal with Emaar Properties to acquire the hotel but did not disclose the value of the deal.

It added that the deal was a key addition to Eshraq's "successful investments within the UAE".

Eshraq said further acquisition announcements were in the pipeline in a bid to "enhance the company's status and its financial position".

Last year, Eshraq Properties raised AED825m ($225m) in an over-subscribed initial public offering (IPO). It offered 55 percent of its capital through the IPO.

Its chairman said in 2011 that the company planned to focus on real estate projects in the UAE and Saudi Arabia.