Dubai-Mubasher: Emaar Properties' financial results for the first and second quarters of 2016 will unlikely be impacted by Address Downtown hotel fire, according to a recent study by the research firm of National Bank of Abu Dhabi.
The hotel's annual operating revenues ranging between AED 200-250 million represent a slight percentage of the company's total operating revenues, the study showed.
The financial impact estimated at AED 100-125 million from halting the hotel services is covered by insurance.
A fire affected Emaar's 63-storey Address Downtown luxury hotel and residential tower on New Year's Eve.
