Emaar 'planning to sell key Dubai hotels'
Dubai, September 21, 2011
Dubai developer Emaar Properties is looking to sell two hotels in its Downtown Burj Dubai development, according to a report on Wednesday.
Arabian Business, citing unnamed sources, said on its website that the developer of the world's tallest tower is looking to offload its Al Manzil and Qamaradeen hotels as well as other properties in the area.
'As company policy, we do not respond to market rumours or speculation,' a company spokeswoman said when contacted by Reuters.
Among Emaar's high profile assets is Dubai Mall, the world's largest shopping centre. It also has a joint venture with Italian fashion house Georgio Armani to develop luxury hotels.
Second-quarter revenue from rental and hospitality rose 24 per cent over the same period last year despite a 23-per cent fall in total revenues and a 69-per cent plunge in net profit, it said in July.
The largest developer in the UAE handed over 244 units in the second quarter, down from 612 in the same period last year.
Earlier this year Emaar denied a media report that the developer is valuing its Indian joint venture's assets in preparation for an exit or partial sale.-Reuters