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Dubai’s Jumeirah Group has raised $1.4 billion in loans to complete a new build property and fund further expansion.
The syndicated loan, supported by a number of banks, will be used to fund construction, now underway, of a 430-room property in Dubai. The hotel, due to open in 2015 on the Madinat Jumeirah site, is aimed at the leisure market and includes an adjacent apartment complex.
However, a spokesman said the construction costs were only a part of the money raised and added that Jumeirah, which more typically operates properties on a management basis, “would continue to roll out our brand on behalf of third parties”.
The construction cost is around £423m, meaning that half the funds secured are available for further expansion.
Jumeirah currently operates 22 hotels: 10 in the Middle East, six in Europe and six in Asia.