AHS Properties purchases Shangri-La Hotel for $299.4m

TL;DR

AHS Properties has acquired the five-star Shangri-La Hotel on Dubai’s Sheikh Zayed Road in the United Arab Emirates (UAE) in a deal valued at Dh1.1bn ($299.4m). The purchase is said to be among the largest single-asset real estate transactions reported in Dubai in recent years. Shangri-La Hotel was previously owned by Mismak Asset Management, a subsidiary of First Abu Dhabi Bank, The National reported.