Shangri-La Dubai hotel tower sold at auction for $190m - Arabianbusiness:
A landmark hotel property in Dubai operated by Hong Kong’s Shangri-La Group of Hotels has sold for AED700.2 million ($190.62 million) according to results posted on an auction website.
The 42-storey tower on Sheikh Zayed Road, owned by Abu Dhabi-based family-owned conglomerate Al Jaber Group, was listed for sale earlier this month on UAE-based Emirates Auction, a company that manages public and online auctions in the Middle East for asset liquidation, real estate, automobiles, vehicle license plates, jewelry and various other items.
The luxury skyscraper received one bid at AED700.2 million according to the site’s auction result posted online. The property was listed at AED700 million with a minimum increment set at AED200,000.
The listing said the sale did not include furniture or a trade license for the residential and commercial property elements of the tower.
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