6.18 AM Monday, 2 October 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:54 06:08 12:11 15:33 18:08 19:22
02 October 2023

R Hotels secures Dh204m loan

A computer-generated image of R Hotels' upcoming property at Palm Jumeirah (Supplied)

By Staff

R Hotels, the hospitality division of Ajman-based R Holding, has obtained Dh204 million loan from Commercial Bank of Dubai (CBD) for the development of its upcoming project at Palm Jumeirah.

The company said fund is part of its Dh500 million hotel investment at The Palm which is set to open in the last quarter of 2016.

Located at The East Crescent of The Palm, the four-star resort and spa will feature 259 rooms, and leisure and wellbeing facilities. The first phase of the construction will start on the first quarter of 2015 and the group targets fourth quarter of 2016 as its completion date.

“By capitalising on strategic hotel locations in the UAE, R Hotels is confident on the stable return of investments of all our projects in the pipeline, especially our property in Palm Jumeirah,” said Sumair Tariq, Managing Director of R Hotels.

R Hotels currently owns and manages four properties in the UAE which are Ramada Hotel and Suites Ajman, Ramada Beach Hotel Ajman, Ramada Downtown Dubai, and Hawthorn Suites by Wyndham in Jumeirah Beach Residence.

The group will open its fifth hotel in Jumeirah in Q2 2015, and the said project at The Palm will be its sixth property in the UAE.