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FINANCIAL NEWS
Dubai’s Emaar sells Nuran hotel to Abu Dhabi’s Eshraq
30 Sep 2012
(MENAFN) Emaar Properties, the developer behind Burj Khalifa, the world’s tallest tower, has agreed to give up a hotel property to Abu Dhabi-based Eshraq Properties, Reuters reported.
The deal’s value was not disclosed, but Eshraq Properties said in a statement that it has bought Nuran Serviced Residencies Dubai Marina, a serviced hotel apartment located in the up-market Dubai Marina area.
It also said it would continue its expansion strategy through acquiring other real estate projects in the country.
From its side, Emaar said in a statement it was still focusing on Dubai but looking to strengthen its Address brand of hotels.
Earlier this month, Emaar unveiled plans to build a new hotel in the Dubai’s high-end Downtown area, its first major hotel project since the property crisis in 2008.
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