Atlantis signs increased $1.1bn loan deal
Funding to be used for new Royal Atlantis Resort
Dubai’s Atlantis Resort has signed an increased $1.1bn loan deal.
The funding will be used to pay for the construction of the new Royal Atlantis Resort on the island, which was announced last month.
The company confirmed that it had refinanced an $880mn loan.
“In line with common market practices, we refinanced the loan to take advantage of the favourable market conditions,” said a spokesman for Investment Corporation of Dubai (ICD), the sovereign fund which acquired Atlantis in December 2013.
Atlantis’ new seven-year loan will pay an interest rate of 375 bpts over Libor, down from the 500 bpts paid on the original five-year loan signed in September 2013.
The $1.4bn Royal Atlantis Resort and Residences is located on the crescent of The Palm, next to the Atlantis resort. The project will include nearly 800 new guest rooms with architecture from Kohn Pedersen Fox Associates (KPF) and interior design by GA Design.
The 46-storey development will also feature 250 luxury residences, designed by Sybille de Margerie Design.