Emaar issues statement amid reports that it may sell some hotel buildings to Abu Dhabi National Hotels
Abu Dhabi National Hotels (ADNH) on Thursday confirmed it is in talks to buy some hotel buildings from Emaar Properties.
ADNH confirmed the discussions in a statement to Abu Dhabi Stock Exchange while Emaar said it is in discussions with companies over the sale of some hotels but did not confirm that ADNH was one of them.
ADNH said that it is "currently considering various investment opportunities including the opportunity to buy some hotels owned by Emaar Properties".
"Abu Dhabi National Hotels Company will disclose all details related to any investment opportunity that may be deemed suitable by the company."
Emaar said in a filing to Dubai Financial Market: “The company is in discussion with a number of parties for the sale of certain hotels. The company will announce the relevant details if these discussions materialise to a final transaction," without giving further details.
Emaar is seeking to sell non-core assets, including its hotel portfolio, schools and clinics, Emaar’s chairman Mohammed Alabbar told CNBC Arabia in July.
The company’s core businesses focus on property development, retail and hospitality.
Reuters reported that ADNH is only seeking to buy the hotel buildings and not Emaar’s schools or clinics.
ADNH’s portfolio currently includes hotels managed by Hilton, Ritz-Carlton, Sheraton and Park Hyatt in Abu Dhabi.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.