Construction

Emaar announces sale of Address Sky View property for $204mn

The Address Sky View is Emaar’s eighth property under the Address Hotel brand

Emaar Properties has sold its Address Sky View hotel in Downtown Dubai to Evergreen Hospitality for $204m. The developer will continue to manage the property and also said it has retained ownership of the sky bridge restaurant in the tower.

The Dubai-based developer noted that it disposed of 100% of its shares of its subsidiary ASV Group, which owns the hotel.

The property comprises 169-hotel rooms and 551 apartments, as well as MICE facilities and F&B outlets. It opened for business in January 2020.

In a statement to the Dubai Financial Market on January 6, the developer said the deal is “in line with the company’s asset-light strategy for hospitality assets”.

Emaar said the deal was executed on December 31, 2020 and is expected to close on January 15 this year.
The move follows an ongoing divestment drive by the developer; in April last year the firm sold its district cooling business in Downtown Dubai to Tabreed and in 2019, the firm completed a sale of five of its hotels to Abu Dhabi National Hotels.

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