Bahrain-based Banader Hotels Co, has signed a BD 18 million (US $47 mn) project finance deal with Kuwait Finance House, Bahrain to raise funds to complete construction of the Banader Rotana Hotel in Manama.
Work on the 28-storey hotel and furnished apartments has already begun, with the finished property to comprise of 251 rooms including private suites.
Banader Hotel Co. Chairman Abdulla Buhindi said: “This funding will provide the finance to resume work on the Banader Rotana Hotel. The financial crisis affected many real estate projects in the region, where some of them ceased production due to the lack of funding. Therefore, we thank KFH-Bahrain for providing the financing for this project, which confirms its confidence in the Kingdom’s economy as well as its support of the project and the shareholders behind it.”
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Kuwait Finance House Bahrain executive manager and head of corporate banking Sattam Algosaibi added: "We are pleased to have concluded this agreement with Banader Hotels and participate in the completion of this project. This financing agreement will aim to maximize the value of the project to the benefit of all its stakeholders. In KFH-Bahrain we are always interested in partaking in financing transactions of such high caliber to contribute to the growth of businesses in the Kingdom of Bahrain."
The Banader Rotana Hotel will be located in close proximity to Bab Al Bahrain, Bahrain Financial Harbour and commercial markets.
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