Emaar Properties on Wednesday said it sold Address Sky View hotel in Downtown Dubai to Evergreen Hospitality for Dh750 million. Jeff Topping / The National
Emaar Properties on Wednesday said it sold Address Sky View hotel in Downtown Dubai to Evergreen Hospitality for Dh750 million. Jeff Topping / The National
Emaar Properties on Wednesday said it sold Address Sky View hotel in Downtown Dubai to Evergreen Hospitality for Dh750 million. Jeff Topping / The National
Emaar Properties on Wednesday said it sold Address Sky View hotel in Downtown Dubai to Evergreen Hospitality for Dh750 million. Jeff Topping / The National

Emaar sells Address Sky View hotel in Downtown Dubai for Dh750m


Fareed Rahman
  • English
  • Arabic

Emaar Properties, Dubai’s largest listed developer by market capitalisation, sold its 169-room Address Sky View hotel in Downtown Dubai for Dh750 million ($204m) to Evergreen Hospitality.

The deal is "in line with the company's asset-light strategy for hospitality assets", Emaar said in a statement to the Dubai Financial Market on Wednesday, where its shares trade.

Emaar will continue to manage the property and will retain ownership of a sky bridge restaurant. The value of the latest transaction represents 1.4 per cent of the company’s net assets and is expected to be completed by January 15, the company said in its regulatory filing.

“The net impact on the financial position would be an expected increase in assets of Dh50m during the quarter of sale transaction payment [fourth quarter of 2020],” it said.

Emaar Properties had traditionally owned its hotel sites but in 2019 it decided to sell off five prime hotel buildings. The properties – the Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown hotels – contain about 1,000 hotel rooms and were sold to Abu Dhabi National Hotels for Dh2.2 billion.

The company's hospitality arm continues to manage the properties.

Emaar Properties is also divesting other assets deemed to be non-core to pursue growth opportunities elsewhere.

The company divested its district cooling business in Downtown Dubai for Dh2.48bn to National Central Cooling Company, also known as Tabreed, in April last year. Tabreed bought an 80 per cent stake in Emaar’s cooling assets.

The hospitality sector has been hit hard as countries close borders and introduce travel restrictions in the wake of the coronavirus pandemic. In November, the World Travel and Tourism Council said the industry had lost more than $3.8 trillion in gross domestic product and more than 142 million jobs globally as a result of the pandemic. A further $4.7tn and 164 million jobs could be lost this year if there is no improvement in conditions, the organisation said.

Tourism is rebounding in the UAE, however, and the country’s economy is projected to grow 2.5 per cent in 2021, according to the Central Bank of the UAE.

The UAE is also promoting staycations among its residents to boost hotel occupancy. Consultancy STR said last month that during the week of the UAE's National Day celebrations, occupancy levels in Abu Dhabi reached 69 per cent and Dubai hotels were 65.8 per cent occupied.

"International travel has been in the crossfire of the pandemic, but the UAE has done a fine job in generating domestic demand and staycations to move the occupancy line in the right direction," Philip Wooller, STR's area director for the Middle East and Africa, said.

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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

FIXTURES (all times UAE)

Sunday
Brescia v Lazio (3.30pm)
SPAL v Verona (6pm)
Genoa v Sassuolo (9pm)
AS Roma v Torino (11.45pm)

Monday
Bologna v Fiorentina (3.30pm)
AC Milan v Sampdoria (6pm)
Juventus v Cagliari (6pm)
Atalanta v Parma (6pm)
Lecce v Udinese (9pm)
Napoli v Inter Milan (11.45pm)

THE SPECS

Engine: 4.0L twin-turbo V8

Gearbox: eight-speed automatic

Power: 571hp at 6,000rpm

Torque: 800Nm from 2,000-4,500rpm

Fuel economy, combined: 11.4L/100km

Price, base: from Dh571,000

On sale: this week

BEACH SOCCER WORLD CUP

Group A

Paraguay
Japan
Switzerland
USA

Group B

Uruguay
Mexico
Italy
Tahiti

Group C

Belarus
UAE
Senegal
Russia

Group D

Brazil
Oman
Portugal
Nigeria

Fight card
  • Aliu Bamidele Lasisi (Nigeria) beat Artid Vamrungauea (Thailand) POINTS
  • Julaidah Abdulfatah (Saudi Arabia) beat Martin Kabrhel (Czech Rep) POINTS
  • Kem Ljungquist (Denmark) beat Mourad Omar (Egypt) TKO
  • Michael Lawal (UK) beat Tamas Kozma (Hungary) KO​​​​​​​
  • Zuhayr Al Qahtani (Saudi Arabia) beat Mohammed Mahmoud (UK) POINTS
  • Darren Surtees (UK) beat Kane Baker (UK) KO
  • Chris Eubank Jr (UK) beat JJ McDonagh (Ireland) TKO
  • Callum Smith (UK) beat George Groves (UK) KO
if you go

The flights

Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav. 

The tour

While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).

 

The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October

info-box

COMPANY PROFILE

Company name: Happy Tenant

Started: January 2019

Co-founders: Joe Moufarrej and Umar Rana

Based: Dubai

Sector: Technology, real-estate

Initial investment: Dh2.5 million

Investors: Self-funded

Total customers: 4,000

MATCH RESULT

Liverpool 4 Brighton and Hove Albion 0
Liverpool: 
Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')    

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The National in Davos

We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.

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ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

FFP EXPLAINED

What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.

What the rules dictate? 
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.

What are the penalties? 
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

Youth experience scheme to work, study or volunteer in UK and EU countries

Smoother border management with use of e-gates

Cutting red tape on import and export of food

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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