Dubai-based Zabeel Investments, an investor in Sony and plane maker EADS, said on Wednesday it will probably buy hotel properties in the United States to benefit from a fall in asset prices.
"We are looking at the opportunities in the United States, in hotels," Zabeel Executive Chairman Mohammed Al Hashimi told Reuters by telephone from Dubai. "It's not a question of if; we have the intention."
Zabeel, which in February bought a Las Vegas-based leisure company, will look for properties in the biggest cities in the US, Hashimi said, without being more specific.
Zabeel is owned by one of the sons of the ruler of Dubai, the Financial Times reported last April, who has since been appointed heir. Zabeel has invested with the ruler's own Dubai International Capital, which manages assets worth about $13 billion (Dh48 billion). (Reuters)
Zabeel eyes US hotels on lower price