$700 million syndicated loan facility for Atlantis, The Palm
Istithmar, a UAE-based investment holding company and Kerzner International, a leading international developer and operator of destination resorts and luxury hotels have recently launched a $700 million syndicated loan facility. The mandated lead arrangers of the facility are Abu Dhabi Commercial Bank, Barclays, Commercial Bank of Dubai, Emirates Financial Services and HSBC.
The loan will be used to finance the development and construction of Atlantis, The Palm with the balance of the funding requirement to be provided through $400 million equity.
The development plan is expected to utilize most of the 120-acre site that lies on The Palm, Jumeirah. The marine and entertainment attractions will be increased and a second 800-room hotel tower will be added, bringing the total number of rooms to 2,000.
- AED11 million a year to maintain facilities at the Atlantis on The Palm Jumeirah in Dubai
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- Funds raised for Atlantis
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- Kerzner to develop 2,000 room resort on Palm Jumeirah