Shangri la Dubai

Shangri la Dubai

A landmark hotel property in Dubai operated by Hong Kong’s Shangri La Group of Hotels has offered for AED700.2 million ($190.62 million) based on outcome published on an auction site.


The 42 storey tower on Sheikh Zayed Road, run by Abu Dhabi based family owned conglomerate Al Jaber Group, was mentioned on the market earlier this month on UAE based Emirates Auction, a business which manages online and public auctions in the Middle East for asset liquidation, real estate, cars, vehicle license plates, jewelry and other things.


The luxury skyscraper received a single bid at AED700.2 million based on the site’s auction result posted online. The home was listed at AED700 million with a minimum increment set at AED200,000.


The listing said the sale didn’t include furniture or maybe a trade license for the commercial and residential property components of the tower.


Commenting on the auction, a Shangri La Group spokesperson said in a statement sent to Arabian Business: “We wish to guarantee the visitors of ours and also business associates that it’s business as always at Shangri La Hotel, Dubai. A possible change in ownership does not always have a quick effect on our management agreement. Visitors are able to still anticipate the good quality of service excellence that the Shangri La Group is famous for. We’ve been running properly in the area after 2003 and are dedicated to expanding the existence of ours in the UAE & the Middle East.”


Reuters reported very last week that the auction procedure, that had been set up by First Abu Dhabi Bank, and that is the primary lender of the Shangri La hotel property in Dubai, represents a very first move by creditors to recuperate money after delays to some restructuring agreement for AED5.9 billion of debt last year


Bloomberg found that sources said lenders were likewise choosing the purchase of the Shangri La hotel in Abu Dhabi.


Al Jaber Group, famous for its contracting company but with interests across a selection of sectors, has struggled ever since the UAE’s construction market was struck by the global economic crisis in 2008 which resulted in a crash in property markets and froze liquidity. Tough macroeconomic problems within the oil dependent Gulf area after a plunge in crude prices further fazed the company’s recovery efforts.


Emirates Auction didn’t establish the title on the winning bidder.


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