Abu Dhabi National Hotels Secures 1.6bn Dirham Loan For Hotel Purchase

First Abu Dhabi Bank has revealed that it has agreed to provide a 1.6 billion dirham ($436 million) loan to Abu Dhabi National Hotels (ADNH) for the acquisition of a number of Dubai-based hotels.

Emaar Hospitality Agreement

While the bank's statement did not specify which hotels ADNH will use to loan to acquire, ADNH announced on November 29, 2018, that it had agreed to buy five hotels from Emaar Properties unit Emaar Hospitality for 2.2 billion dirhams.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.