Shuaa sells 22 pct stake in Rotana Hotels, UAE Investment Companies, Banking & Investment - Maktoob Business

A private equity fund of Dubai's Shuaa Capital agreed to sell about 22 percent of its stake in Abu Dhabi-based Rotana Hotel Managment to an existing Rotana shareholder, the company said in a statement on Thursday.

The transaction is due to be completed within a few weeks, following approval from the Abu Dhabi Department of Economic Development, the company said. It did not disclose the deal value in the statement.

Shuaa Partners Fund I, a debt and equity fund of private equity arm Shuaa Partners made the investment in Rotana in 2006. The company did not provide any financial estimates for how much the sale of the stake will bring to the company.