Dubai's Meydan Group seeks loan for hotel project

Dubai, The UAE

Dubai-based development company Meydan Group is reportedly seeking a syndicated loan of at least $122.5 million to finance a hotel project.

Sources told Reuters that Commercial Bank of Dubai was leading the discussions for a potential transaction, with one adding the financing was expected to close before the end of November.

Meydan is building several projects in the emirate, including the two-mile Dubai Canal between Dubai's Business Bay and the coast, and additional real estate projects next to its Meydan Racecourse.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

Earlier this year, the company announced plans to build a luxury hotel on Jumeirah Beach Residence. Meghnad Warrier, Meydan Group’s VP of finance, said that the completed hotel will have around 260 rooms, including hotel and serviced apartments. In June, Corinthia Hotels signed a deal with Meydan to manage a luxury beachfront resort currently under construction on the site of the former Meydan Beach Club. The completed hotel is expected to have 300 guestrooms and 60 serviced apartments when it opens in 2019.  

In March, Meydan signed a deal to obtain $476 million of financing from Qatar National Bank and QNB's United Arab Emirates affiliate Commercial Bank International, to support investment in new projects. It also obtained 1 billion dirhams of Islamic financing in June to strengthen Meydan's capital structure, diversify its investor base and support new projects.

 

Suggested Articles

The system supports high-precision facial temperature measurement within a distance of 30 inches from face to camera.

This week's employment roundup features 11 hirings and promotions.

These plans empower employees and management with the tools necessary to navigate a multidimensional disaster response.