RAK Hospitality Holdings AED880 million financing

Overview:

• RAK Hospitality Holding has taken AED880 million in new financing.
• The funds will be used to partially fund the purchase of two hotels (Rixos Bab Al Bahr in Marjan Island and Banyan Tree Al Wadi), to fund the refurbishment of two hotels (Hilton Ras Al Khaimah and Hilton Resort & Spa Ras Al Khaimah) and for refinancing debt.
• Mashreq Bank and Arab Bank acted as lenders.

Sam Duke - Editor