ExCeL London in ADQ merger plan with hotels company ADNH
Gulf media report that Abu Dhabi holding company ADQ has submitted an offer to Abu Dhabi National Hotels Company (ADNH) to merge it with its Abu Dhabi National Exhibitions Company (ADNEC) and create one of the largest hospitality, events and catering groups in the region.
The combined group would have assets of approximately Dh20bn ($5.45bn) and comprise 28 owned and operated hotels with a total of 6,700 rooms, three exhibition centres in Abu Dhabi, Al Ain and ExCeL London, as well as several catering companies.
Set up in 2018, ADQ has a portfolio that includes Abu Dhabi Power Corporation, Abu Dhabi Airports, Abu Dhabi Ports, Etihad Rail, Seha, insurer Daman, media companies Abu Dhabi Media and twofour54 and Abu Dhabi National Exhibitions Company.
ADNH owns the Ritz Carlton Abu Dhabi Grand Canal, Sofitel Jumeirah Beach, Le Meridian Abu Dhabi and Address Dubai Mall.
The ADNEC portfolio includes the 100-acre ExCeL London exhibitions and conventions centre in the London Docklands, Al Ain Convention Centre, Aloft London ExCeL, Aloft Abu Dhabi, Andaz Capital Gate Abu Dhabi and Anantara Sir Bani Yas Island Abu Dhabi Resort.
Mansour AlMulla, chief investment officer of alternative investments and mergers and acquisitions at ADQ, said: “This proposed offer provides a unique opportunity to create value by bringing together two major players in Abu Dhabi’s hospitality and events sector.”
He added that the combined company would benefit from increased scale, new revenue opportunities, and an enhanced capital structure that will position it well for future growth.