Dubai – Mubasher: UK-based Standard Chartered has been named as the financial adviser for Emaar Properties’ sale of its hotel assets, Reuters reported, citing the lender as saying on Tuesday.

Earlier in the day, Emaar Properties announced the sale of hotel assets under its subsidiary Emaar Hospitality Group to Abu Dhabi National Hotels (ADNH).

The two firms had entered into a “definitive documentation” to sell its entire economic interest in a five-hotel portfolio in Dubai, Emaar Properties had revealed.

With nearly 1,000 rooms across the five hotels, the properties in question are: Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown, and Manzil Downtown.

Emaar forecast that it would conclude the deal in early 2019.

The deal “helps achieve strategic priorities and unlocks shareholder value for both Emaar and ADNH,” Standard Chartered Bank UAE CEO Rola Abu Manneh said in a statement.