(MENAFN) Emaar Properties, the developer behind Burj Khalifa, the world's tallest tower, has agreed to give up a hotel property to Abu Dhabi-based Eshraq Properties, Reuters reported.
The deal's value was not disclosed, but Eshraq Properties said in a statement that it has bought Nuran Serviced Residencies Dubai Marina, a serviced hotel apartment located in the up-market Dubai Marina area.
It also said it would continue its expansion strategy through acquiring other real estate projects in the country.
From its side, Emaar said in a statement it was still focusing on Dubai but looking to strengthen its Address brand of hotels.
Earlier this month, Emaar unveiled plans to build a new hotel in the Dubai's high-end Downtown area, its first major hotel project since the property crisis in 2008.
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