Jumeirah Group, the global luxury hotel company and member of Dubai Holding, has raised a AED US $1.4 billion unsecured syndicated loan that will be used towards the group’s ambitious expansion plans.
The loan was arranged by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered and priced at 2.75% above LIBOR and due in 2019. The Jumeirah Group was also advised by Rothschild on the transaction.
Gerald Lawless, president and group chief executive officer, Jumeirah Group 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.”
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The Jumeirah Group has also announced that year to date (September 2013) average occupancy across its portfolio of hotels has increased by 8% globally, compared to the same period in 2012. In the same period the revenue per available room, an industry standard for measuring performance, also rose by 15%.
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