Luxury hotel group Jumeirah Group has raised $1.4 billion in a loan to help fund expansion.
The Dubai Holding company will use the loan for expansion plans as it continues to grow in the years ahead as well as for general corporate purposes, the company said.
President and chief executive Gerald Lawless said: “The pricing we have been able to achieve for this syndicated loan is a testament to the company’s financial strength and future prospects.
“This financing will support our focus on driving profitable revenues from the existing portfolio while giving us the headroom to continue our local and international expansion.
“This is the first time we have raised funds through a syndicated loan and we are pleased to be supported by the highest calibre of international and local banks.”
The facility was lead arranged by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered.
Average occupancy in Jumeirah’s portfolio of hotels has increased by 8% globally in the year to September while revenue per available room rose by 15%.
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