Dubai: Sunrise Properties secures $140m hotel loan
Emirates NBD, joined by Doha Bank, are providing the money to finance the Emerald Palace Kempinski Hotel on Dubai's Palm Jumeirah
Sunrise Properties has secured a $140m (AED515m) Islamic loan for the development of a luxury hotel project in Dubai, bank group Emirates NBD, revealed on Tuesday, October 13, 2015.
Emirates NBD, the main arranger, joined by Doha Bank, are providing the money to finance the Emerald Palace Kempinski Hotel on Dubai's Palm Jumeirah.
Nver Mkhitaryan, the promoter of EPG Hotels & Resorts and Sunrise Properties Limited said the project financing showed the banks' confidence in Dubai's tourism market.
Last year, the number of visitors rose 8.2% to 13.2million. However, the figures are expected to drop this year due to a strong dollar, weak currencies in Europe and Russia and the impact of lower oil prices on consumer confidence in some tourism markets.
The tenure and margin on the loan have not yet been disclosed.