Dubai-based developer Emaar Properties is planning to offer shares in its hotel business over the coming months, on the back of the public offering of its mall business.
Speaking at a conference yesterday, chairman Mohamed Alabbar said the hotel sale will be announced “in the next few months”, Bloomberg has reported.
His comments came soon after the company said it had raised US $1.6 billion from the share sale of its malls unit, making it one of the largest IPO in Dubai since 2007.
---READ OUR INTERVIEW WITH EMAAR HOSPITALITY COO PHILIPPE ZUBER---
Emaar Hospitality, the company’s hospitality and leisure business, has 12 hotels in its portfolio, including properties under The Address and Vida brands.
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The unit recorded revenues of AED893 million (US $243 million) in the first half of 2014, up 16% on the same period last year.
Results disclosed by the company also revealed that the group’s flagship Address Hotels + Resorts reported average occupancy of 89% during H1.
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