Taj Dubai's owner, Downtown Investments Limited (DIL) has received a new debt facilitiy, which was restructured by Integrated Alternative Finance (IAF), a subsidiary of Abu Dhabi Financial Group (ADFG).
The facility for DIL was structured alongside senior debt provided by five regional lenders and equity provided by DIL’s parent with a total project cost of AED 700m.
Jassim Alseddiqi, Chief Executive Officer of ADFG, said: “IAF’s involvement in the Taj Dubai hotel project further highlights its ability to partner with banks and alternative lenders to structure financing solutions. With over AED 3 billion of transactions completed in the last 12 months, many with a large ticket size and incorporating a mix of traditional and alternative lenders, IAF is now established as an international leader in the sector.”
Taj Dubai is India-based Taj Group’s second hotel in the region with plans for further Middle East projects in the pipeline. The 296 key, 31 luxury suite hotel is located in Downtown Dubai near Burj Khalifa.
Jason Harding, area director and general manager of Taj Dubai talked to Hotelier separately about the group's regional plans, saying: “At the moment we are talking to investors in the Palm [Jumeirah],” he said. “We’ve got an investor in Jumeirah Lakes that we’re talking to. We’ve [also] got one on Sheikh Zayed Road we are talking to.”
Beyond Dubai, Harding identified Abu Dhabi, Oman, Ras Al Khaimah and Qatar as other potential locations for further properties for the company, which is part of Tata Group.
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