Abu Dhabi's Mubadala eyes remaining 50% stake in Viceroy

Mubadala Development Company hopes to finalise the deal 'within a matter of days', according to reports

Investors, Bill walshe, Kabir mulchandani, Mubadala, Viceroy abu dhabi, Viceroy dubai palm jumeirah, Viceroy hotels and resorts, Yas hotel, Yas viceroy abu dhabi

Abu-Dhabi based investment and development company Mubadala is hoping to finalise a deal to buy the remaining 50% of the Viceroy Hotel Group "within a matter a days". It already owns a 50% stake in the hotel group. 

The 50% stake Mubadala is eyeing is owned by Jho Low. Financial Times reports that Low is linked by US prosecutors to Malaysia’s 1MDB corruption scandal. 

The report goes on to add that US prosecutors last week filed a suit in a Los Angeles federal court seeking assets worth US$540m allegedly purchased with funds stolen from 1MDB, including "rights to and interests in the Viceroy Hotel Group". 

Did you like this story?
Click here for more

As of June 19, 2017, Viceroy Hotels and Resorts will no longer operate its Palm Jumeirah property. The hotel has been taken over by Five Holding's Kabir Mulchandani less than three months after opening its doors on March 31, 2017.

For all the latest hospitality news from UAE, Gulf countries and around the world, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page.

Most Popular

Newsletter

Reports

Human Capital Report 2017

Human Capital Report 2017

The second annual Hotelier Middle East Human Capital Report is designed to explore the issues, challenges and opportunities facing hospitality professionals responsible for the hotel industry’s most important asset – its people. The report combines the results of Hotelier Middle East's HR Leaders Survey with exclusive interviews with the region's senior human resources directors.

Hotelier Middle East Housekeeping Report 2016

Hotelier Middle East Housekeeping Report 2016

The Hotelier Middle East Housekeeping Report 2016 provides essential business insight into this critical hotel function, revealing a gradual move towards the use of automated management and a commitment to sustainability, concerns over recruitment, retention and staff outsourcing, and the potential to deliver much more, if only the industry's "image problem" can be reversed.

From the edition

From the magazine