Dubai's Emaar picks Standard Chartered to advise on sale of hotel assets

[DUBAI] Standard Chartered has been appointed as financial adviser by Dubai's Emaar Properties on the sale of its hotel assets, the British lender said on Tuesday.

Emaar said in a separate statement on Tuesday that it plans to sell to Abu Dhabi National Hotels its interest in five hospitality assets in Dubai and that the transaction is expected to close at the beginning of next year at the latest.

The deal "helps achieve strategic priorities and unlocks shareholder value for both Emaar and ADNH," Rola Abu Manneh, chief executive officer of Standard Chartered Bank UAE said in a statement.

REUTERS