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

The Address Downtown Hotel, which was damaged in a fire on New Year’s Eve 2015, will open in Q4 this year, developer Emaar Properties has announced.

Olivier 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.