UAE’s Enshaa, Sunland Group in a swap deal
18 Oct 2011
(MENAFN) UAE-based Enshaa will take over the Palazzo Versace Dubai hotel in a swap deal with Sunland Group, Arabian Business reported.
Sunland Group, Enshaa’s Australian joint venture partner, will take 100 percent ownership of the Palazzo Versace Gold Coast, in exchange for its 51 percent stake in the Palazzo Versace Dubai hotel and its 50 percent share of the D1 residential Tower Dubai.
Under the terms of the deal, Sunland will also transfer its 50 percent stake in the joint investment Emirates Sunland Group, but will retain its interest in three remaining Dubai projects.
Palazzo Versace Dubai is an under-construction USD626 million hotel and residential project on the banks of Dubai Creek.
The project includes 169 private apartments and 217 hotel suites decorated with furnishings from Versace.
Enshaa subsidiary Emirates Investment Group Australia had inked a deal with Sunland to develop up to 13 Versace-branded properties around the globe.