DIC's Ishraq ends involvement in hospitality
The sale of its last hotel is the end of the hospitality road for Ishraq
Dubai International Capital (DIC), the private equity arm of Dubai Holding, on Wednesday announced the sale of the Holiday Inn Express in Manama, Bahrain to a private consortium for an undisclosed sum.
The deal follows on from the sale in October 2011 of Ishraq Dubai, which comprised of four hotels in Dubai. The completion of the sale of the Bahrain hotel means that Ishraq no longer has responsibility for any hotel properties, a statement said.
David Smoot, CEO of Dubai International Capital, said: "We are proud of the strong returns we have generated from our Middle East investments; since inception, we have nearly doubled our initial capital.
"When we sold Rivoli in 2013, we closed a chapter on our successful regional private equity portfolio and today we have done the same again with the sale of Ishraq's last hotel."
Maissan Al Maskati, chairman of Ishraq Gulf Real Estate Holding and managing director, private equity at Dubai International Capital, added: "Since opening in 2012, the Holiday Inn Express in Manama has proved to be a resounding success. The hotel has attracted significant demand from business and leisure travellers, seeking quality and affordable accommodation, and we anticipate this trend will continue to the benefit of its new owners."
Opened in August 2012, the Holiday Inn Express hotel in Manama has 300 rooms spread across 20 floors; including a business centre, meeting rooms, a health & fitness centre, a restaurant and bar, as well as a six storey car park.
The hotel was owned by DIC through its subsidiary Ishraq Gulf Real Estate Holding.