Emaar sells Dubai hotel for 750M UAE dirhams

Emaar Properties PJSC sold the 169-key Address Sky View hotel in Dubai, United Arab Emirates, to an undisclosed buyer for 750 million U.A.E. dirhams.

The property company sold all its shares in subsidiary ASV Group Ltd., the owner of the hotel. Emaar said it will retain ownership of the hotel's Skybridge restaurant.

The company sold the hotel in line with its asset-light strategy for its hospitality properties.

The five-star hotel in downtown Dubai comprises two towers conjoined on top, according to the website.

The transfer of the subsidiary that owns the hotel is complete, while the share transfer of the company owning the hotel operations is expected to close Jan. 15.

As of Jan. 6, US$1 was equivalent to 3.67 U.A.E. dirhams.