Abu Dhabi National Hotels Obtains Dh1.5 Billion Syndicate Loan to Fund Projects

National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Standard Chartered Bank and Union National Bank took part in the club facility, which was oversubscribed in the current challenging market.

Through this alliance, the corporate structured facility will be utilised to finance the ongoing development of ADNH’s major projects.

Abu Dhabi National Hotels is undertaking major development projects including The Grand Canal Abu Dhabi to be operated by JW Marriott; Park Hyatt in the capital and Villas in Saadiyat Island; and Capital Centre Hotel at the Abu Dhabi National Exhibition Centre.

NBAD structured and coordinated the transaction and acted as the Facility Agent.

“This strategic alliance of local and international banks came in line with the innovative and strategic plans of ADNH to support the growth of the UAE, Emirate of Abu Dhabi economy and tourism infrastructure, said Saif Al Hajeri, Chairman of the ADNH.

The facility agreement was signed by Saif Mohamed Al Hajeri, Chairman and Richard W. Riley, CEO of ADNH, as well as senior officials from four commercial banks.

Clifford Chance acted as the lenders’ legal counsel while Allen Overy acted as borrower’s legal counsel.

Abu Dhabi listed, Abu Dhabi National Hotels owns major hotels in Abu Dhabi, Al Ain Hilton Abu Dhabi, Sheraton Abu Dhabi, Le Meridien Abu Dhabi, Hilton Al Ain. In Dubai it owns Sofitel Jumairah Beach Residence Dubai apart from the Al Diar Hotels group of hotels in Abu Dhabi, Dubai and Fujairah.

ADNH also operates a catering division through a joint venture with UK’s Compass group.

The hospitality company also owns and manages Al Ghazal Transport and Sunshine Tours. The company earned profit of Dh48.316 million in the quarter three of 2009 227 per cent more than it earned in comparable period. 


haseeb@khaleejtimes.com