Emaar Properties plans IPO for hotel unit

Dubai’s largest publicly traded real estate developer Emaar Properties will sell shares in its hotels unit in the second half of 2015, according to a Bloomberg New report on Thursday. Emaar has hired Rothschild as an adviser for the sale. 

Although Emaar Chairman Mohammed Alabber told Sky News in October 2014 that the company was considering the sale in the first half of 2015, the offering is planned later in the year because of conditions on the Dubai Financial Market.

Emaar’s hotels include two Armani properties in Milan and Dubai. The hospitality unit has a total of 12 properties with more than 1,900 rooms in the United Arab Emirates, Egypt, India and Italy.