Abu Dhabi Eshraq Investments resolves to sell Nuran Marina hotel

Abu Dhabi-based investor said the Dubai Marina hotel had seen an increase in profitability

PHOTO

Abu Dhabi-based Eshraq Investments has resolved to sell its Dubai Marina property Nuran Marina Hotel, noting an increase in its profitability.

The company said in an Abu Dhabi Securities Exchange (ADX) statement that its board had passed a resolution on the sale of the property, which it acquired from Dubai-based real estate company Emaar in 2012, according to reports.

Eshraq said in its second quarter profit statements last month that Nuran Marina had achieved 94% occupancy in the year to date.

The company announced last year that it would ‘fully monetise’ its land bank, selling it or redeveloping it for sale, as part of a new strategy.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@lseg.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

© ZAWYA 2023