Abu Dhabi National Hotels Company has taken a significant shareholding in a UAE company, as the hotel operator looks to expand its business.
In a bourse filing on the Abu Dhabi Securities Exchange (ADX), the company said it has acquired a 50% stake in M Five Cleaning Services, which is specialised in housekeeping and cleaning.
The company did not disclose the value of the transaction. Abu Dhabi National Hotels’ portfolio includes Radisson Blu Hotel & Resort Al Ain, The Park Hyatt Abu Dhabi Hotel & Villas and Ritz-Carlton Abu Dhabi Grand Canal, among others.
The hotel operator has recently shared plans to expand in new markets. The company’s CEO, Khalid Anib, said in September that the company is looking at expansion opportunities in North Africa and Europe, according to Arab News.
Its net profit for the first nine months of the year stood at AED288.9 million ($78.6 million), down from AED291 million in the previous year.
Revenues, however, jumped to AED1.1 billion from AED989.2 million during the same period.
(Writing by Cleofe Maceda; editing by Seban Scaria)