Emaar Properties mulls listing hotels unit

[DUBAI] Emaar Properties, Dubai's largest listed developer, may take its hotels unit public after the successful listing of its malls and retail subsidiary, the company's chairman told reporters on Thursday.

Emaar sold a 15.4 per cent stake in Emaar Malls Group (EMG) in an initial public offer last month, raising US$1.6 billion after heavy oversubscription. The stock jumped 13 per cent after listing on Thursday.

This week, local media quoted its chairman Mohamed Alabbar as saying that the hotels unit could follow in a few months. However, on Thursday, Mr Alabbar declined to indicate any timetable for the flotation. "Emaar Hospitality is going to go public when the board of the company decides. The percentage, size and when - all of that I will come back to you with. But the intention is to move forward as soon as possible," he said on the sidelines of an event to mark the start of trading in EMG.