Dubai International Capital (DIC), the private equity arm of Dubai Holding, has announced the sale of the Holiday Inn Express in Manama to a private consortium for an undisclosed sum.

The hotel was owned by DIC through its subsidiary Ishraq Gulf Real Estate Holding, said a report in the Gulf Daily News (GDN), our sister publication.

This follows on from the sale in October 2011 of Ishraq Dubai, which comprised four hotels in Dubai.

The completion of the sale of the Bahrain hotel means that Ishraq no longer has responsibility for any hotel properties.

“We are proud of the strong returns we have generated from our Middle East investments,” said DIC chief executive David Smoot.

“Since inception, we have nearly doubled our initial capital.

“When we sold Rivoli in 2013, we closed a chapter on our successful regional private equity portfolio and we have done the same again with the sale of Ishraq's last hotel,” Smoot added.

“Since opening in 2012, the Holiday Inn Express in Manama has proved to be a resounding success,” said Ishraq Gulf Real Estate Holding chairman and DIC Private Equity managing director Maissan Al Maskati.

“The hotel has attracted significant demand from business and leisure travellers seeking quality and affordable accommodation, and we anticipate this trend will continue to the benefit of its new owners.”

Opened in August 2012, the Holiday Inn Express hotel in Manama has 300 rooms spread across 20 floors.

This includes a business centre, meeting rooms, a health and fitness centre, a restaurant and bar, as well as a six-storey car park. - TradeArabia News Service