Jumeirah Group raises US$1.4bn syndicated loan to support growth plans
by Aoife Dowling | 04 Nov 2013
Jumeirah Messilah Beach Hotel and Spa in Kuwait
Hotel company and a member of Dubai Holding, Jumeirah Group, has raised a US$1.4bn (€1bn £878m) unsecured syndicated loan to support the groups long-term growth plans.
The loan is priced at 2.75 per cent above London Interbank Offered Rate (LIBOR) due 2019.
The facility was arranged by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered. Jumeirah Group was advised by Rothschild on the transaction.
The loan will be used for expansion plans as Jumeirah plans to expand its portfolio in the years ahead as well as for general corporate purposes, at the parent level, for Dubai Holding Commercial Operations Group.
Gerald Lawless, president and group chief executive officer, Jumeirah Group said; “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.”
Between September 2012 and September 2013, average occupancy in Jumeirah’s portfolio of hotels has increased by 8 percent globally, compared to the same period in 2012.
The group has also recently announced plans to enter Russia after signing a management agreement with IFG Basis Proect to manage a luxury hotel on Nevsky Prospect in St Petersburg.
The hotel will consist of 74 rooms, including 18 suites, a spa and rooftop hydrotherapy pool, three bars and restaurants, meeting facilities,and retail space fronting onto Nevsky Prospect.
The interior design by The Gallery, HBA London office, preserves many of the original features of the 1912 Wavelberg House building, including its façade and marble floored banking hall.
The hotel is currently under development and is expected to open within the next three years.
Hotel company and a member of Dubai Holding, Jumeirah Group, has raised a US$1.4bn (€1bn £878m) unsecured syndicated loan to support the groups long-term growth plans. The loan is priced at 2.75 per cent above London Interbank Offered Rate (LIBOR) due 2019. The facility was arranged by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered. Jumeirah Group was advised by Rothschild on the transaction.
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