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The Tata Group-controlled Taj Hotels Resorts and Palaces on Monday announced its exit from managing of the Taj Palace Dubai after 14 years.
Launched in 2001, Taj Palace Dubai is owned by the Dubai-based Juma Al Majid Group.
The property has been handed back to the Juma Al Majid Group.
However, East Asia will continue to be of strategic importance to the group. The company had recently opened a 296-room luxury hotel, Taj Dubai in the Burj Khalifa downtown area.
This comes after Tata Group chairman Cyrus Mistry at the 114th annual general meeting of Indian Hotels Company Ltd (IHCL), which owns the Taj Group, said that the group had a cross-functional task force to turn around the loss making hotels.
