Dubai – Mubasher: Emaar Properties on Thursday announced it has sold some of its hospitality assets at a total value of AED 2.189 billion.
“There is no separate value for each hotel individually", the pioneer real estate firm said in a statement to the Dubai Financial Market (DFM).
The transaction is subject to a number of conditions, upon which the financial impact of it is projected to take place in the first quarter of 2019, Emaar added.
The company further noted it aims to implement its strategy through this transaction by enabling Emaar Hospitality, the hospitality and leisure subsidiary of Emaar Properties, to focus on hotels management and operation while keeping assets light.
The Dubai-based and listed developer will use the proceeds of the sales to finance commercial properties which generate a higher return on investment, according to the statement.
In November, Emaar posted it logged a 28% year-on-year growth in net profits to AED 5.262 billion ($1.433 billion) from AED 4.102 billion ($1.117 billion).
Meanwhile, revenues surged 30% to AED 17.390 billion between January and September 2018 from AED 13.351 billion in the same period of 2017.
