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- Dubai 04:27 05:45 12:20 15:47 18:49 20:07
National Bank of Abu Dhabi has provided Dh1.2 billion loan to Abu Dhabi National Hotels.
The National Bank of Abu Dhabi (NBAD) has signed a deal to provide a 10-year term loan facility of Dh1.2 billion to Abu Dhabi National Hotels (ADNH), said a press statement on Sunday.
NBAD’s secured facility refinanced an outstanding debt under a syndicated term loan facility that ADNH had signed with four banks in January 2010.
“This is a landmark transaction given the size of debt raised in the current competitive market. ADNH was successful in negotiating to enhance the terms and tenor in the refinancing facility, which will strengthen the financial performance of our company in the near future,” said Ignace Bauwens, CEO of ADNH.
Sheikh Ahmed Bin Mohammed Al Dhaheri, Vice Chairman of ADNH Board of Directors, and Ahmed Seddiq Mohamed Khoori, Senior Vice President of ADNH, signed the agreement.
Mark Yassin, Co-Head of Wholesale Banking and Senior Managing Director of Global Banking, NBAD, said: “This transaction underscores NBAD’s commitment and partnership towards the progress of the hospitality industry in Abu Dhabi and the UAE.”
ADNH owns major hotels in Abu Dhabi, Al Ain and Dubai including the Ritz Carlton in Abu Dhabi, Park Hyatt in Saadiyat Island, and the Sofitel Jumeirah Beach Hotel in Dubai.
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