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FINANCIAL NEWS
UAE’s Al Habtoor to acquire US President Lincoln hotel
03 Dec 2014
(MENAFN) UAE’s Al Habtoor Investment announced it is in the process of acquiring President Abraham Lincoln Hotel in the US, with the sale scheduled to be closed within the next two weeks, Arabian Business reported.
The hotel, which has about 140 employees, would join a number of properties Al Haboor owns around the globe, including the Intercontinental Budapest, though it is expected that the Lincoln hotel will still continue its operations under the DoubleTree by Hilton brand.
“This is to confirm that the purchase of the President Abraham Lincoln hotel in Springfield by Khalaf Al Habtoor – Al Habtoor Investment (not Al Habtoor Group) is under process pending legal due diligence,” A Khalaf Al Habtoor spokesperson said
Al Habtoor owns four hotels in Dubai, including the Waldorf Astoria Palm Jumeirah, and is currently building a three-hotel complex in Business Bay, which will all be operated by Starwood Hotels & Resorts.
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