Abu Dhabi National Hotels (ADNH) eyes purchase of Dubai hotels
ADNH and First Abu Dhabi Bank have signed a loan facility agreement worth US$435.67m
Continuing to look at acquiring hotels in Dubai, Abu Dhabi National Hotels (ADNH) has concluded a US$435.67m (AED1.6bn) loan facility agreement with First Abu Dhabi Bank (FAB).
According to an official statement, the agreement will provide ADNH with the financing capability to acquire a number of Dubai-based hotels.
This follows the ADNH’s purchase of five Emaar Hospitality Group properties in Dubai.
The agreement was signed by Sheikh Ahmed Mohammed Sultan Suroor Al Dhaheri, vice chairman of ADNH and André Sayegh, deputy group CEO and group head of corporate & investment banking at FAB.