Jan 15, 2019-Abu Dhabi National Hotels (ADNH) a fund is looking to purchase more hotels in Dubai.
Following the recent acquisition of Emmar’s hotel assets, the Government of Abu Dhabi investment vehicle grows as the Abu Dhabi National Hotels (ADNH) is further looking to acquire more hotels and to do this in January 2019. A US$435.67m (AED1.6bn) loan facility agreement with First Abu Dhabi Bank was made (FAB) – another Abu Dhabi government entity.
According to an official statement, the agreement will provide ADNH with the financing capability to acquire several Dubai-based hotels.
To follow up on 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 FA.