Emaar Properties said that a deal to sell hotels to Abu Dhabi National Hotels (ADNH) will be worth nearly AED2.2 billion ($600 million).
The company said in a filing to Dubai Financial Market that the impact of the transaction is expected to be reflected in its first quarter results.
The sales price is “subject to certain adjustments relating to working capital of these hotels,” Emaar said in the statement, adding: “There is no separate value for each hotel.”
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Last month, Emaar Hospitality Group and ADNH penned an agreement that will see Emaar divest its entire interest in a portfolio of five hotels in Dubai.
The portfolio of five hotels includes Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown, together with about 1,000 hotel rooms.