Emaar sells Address Sky View hotel for $204m

Emaar sells Address Sky View hotel for $204m

Dubai developer Emaar has sold the Address Sky View hotel for AED750 million ($204 million), said a report.

The sale transaction, which involves the disposal of 100 per cent of the shares of the subsidiary ASV Group Limited, is in line with the developer’s “assets light strategy", said a report in Zawya.

The value of the latest transaction represents 1.4 per cent of the company’s net assets.

The developer clarified that it will continue to retain the ownership of the hotel’s sky bridge restaurant, the report said.

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