Spanish property giant Metrovacesa said it net profit rose 192.8% to EUR 1.79 bn in 2006, a three-fold increase year-on-year. The figure is well above the forecast of EUR 1.1 bn made by Spain's largest property firm following the release of its third quarter results, and higher than analyst estimates of EUR 1.23 bn.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
