Emaar to open burned out hotel by the end of this year

April 19, 2017

undefinedOlivier Harnisch, CEO of Emaar Hospitality Group told the media that the hotel is well on track.

A fire broke out due to an electrical short circuit that engulfed the hotel and residential block. The building was evacuated with only minor injuries.

The developer recovered $332.2 million from an insurance claim for the fire.

The insurance claim will result in a write back of $81.95 million created in 2015 to cover the incident, which will be recorded as income in the quarter ending December 31, according to a news statement.

 

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