Abu Dhabi National Hotels (ADNH) and First Abu Dhabi Bank (FAB) have signed an AED1.6 billion loan facility agreement. The agreement will provide ADNH with the financing capability to acquire a number of Dubai-based hotels from Emaar Properties.
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 FAB.
The portfolio of five hotels includes Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown, together with about 1,000 hotel rooms.
As part of the transaction, ADNH will enter into long-term management agreements with Emaar Hospitality to continue operating the assets under the Address and Vida brands.