Dubai World's hotel business consolidated

DUBAI - Nakheel Hotels is the new name for Istithmar Hotels after Dubai World consolidated its hotel business under one banner to create a fully integrated hotel investment company.

  • PUBLISHED: Thu 13 Dec 2007, 9:18 AM UPDATED: Sat 4 Apr 2015, 9:37 PM
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The merger is part of an internal restructure within the Dubai World group whereby the real estate business of Istithmar is being joined with Nakheel. The merged entity will remain a wholly owned subsidiary of the Dubai World group.

The hotels group was formed in April 2006 as the hotel investment and asset management business of Istithmar and has, in less than two years, accumulated a global hotel property portfolio and has already shaped the performance of these properties. The enterprise value of investments to date is in excess of $3 billion.