Abu Dhabi’s ADNH signs Dhs1.6bn loan to fund acquisition of Dubai hotels

Abu Dhabi National Hotels (ADNH) has signed a Dhs1.6bn ($435m) loan facility with First Abu Dhabi Bank to acquire a number of Dubai-based hotels.

The announcement comes after the company announced in November that it would acquire five hotels from Dubai-based Emaar.

The portfolio of five hotels includes Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown, together with about 1,000 hotel rooms.

Sheikh Ahmed Mohammed Sultan Suroor Al Dhaheri, vice chairman of ADNH, said the loan facility will ensure “sustainable growth through strategic acquisitions” in the company’s core markets.

“Our continued expansion across the UAE allows us to contribute to economic prosperity throughout the country, which is an important aspect of the Abu Dhabi Vision 2030,” he stated.

Listed on the Abu Dhabi Stock Exchange, ADNH has a portfolio of hotels, restaurants, destination management services, catering, transportation and retail.

It owns, develops and manages hotels across the country, with its current portfolio of hospitality assets including the Ritz Carlton Abu Dhabi Grand Canal, the Park Hyatt in Saadiyat Island, Sofitel JBR, Le Meridien, Sheraton and the two Hiltons in the Abu Dhabi emirate (currently under re-branding to Radisson Blu).

Under the deal with Emaar, ADNH will enter into long-term management agreements with Emaar Hospitality Group to continue operating the assets under its Address Hotels + Resorts and Vida Hotels and Resorts brands.

Read more: Dubai’s Emaar signs deal to sell five hotel assets to Abu Dhabi National Hotels