Dubai – Mubasher: Emaar Properties on Wednesday announced that it has fulfilled all the requirements and conditions regarding the sales of hotel assets announced previously.

Accordingly, the AED 2.2 billion ($598.4 million) sale of five hotel assets by Emaar to Abu Dhabi National Hotels (ADNH) has officially closed, the company said in a statement to the Dubai Financial Market (DFM).

Earlier in November, the company announced plans for the sale of hotel assets under its subsidiary Emaar Hospitality Group to ADNH.

“The reason for the transaction is to implement [Emaar’s] strategy and enable [its hospitality arm] to focus on management and operation of hotels while remaining asset light,” a previous statement said.

The proceeds of the transaction will be used to finance commercial properties, which generate a higher return on investment.