National Bank of Abu Dhabi
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Prince de Galles, the luxury 5-star
Hotel in Paris, finalized a refinancing deal with the National Bank of Abu Dhabi’s (NBAD), involving its offices in Geneva, Paris and London, to complete the renovation of the Parisian hotel, which is scheduled to re-open in May 2013.
Built in 1928, now with 115 luxurious guest rooms, 44 suites and other elegant facilities, Prince de Galles temporarily closed in February 2011 for renovations. The 5-star hotel is located in Avenue George V, steps away from the Champs-Elysées, in the center of the French Capital.
Known for its traditional approach to hospitality and exceptional services, the elegant hotel has welcomed many dignitaries and celebrities over the decades.
“We are delighted to announce this partnership and very pleased to have successfully completed the refinancing of our Paris hotel in February 2013,” said Ibrahim A. Musallam, Chairman of PdG Realty SAS and representative of the owners of the Prince de Galles.
“We appreciate the continued support of the National Bank of Abu Dhabi (NBAD), whose confidence reflects the quality of these assets. We believe NBAD, a reputable bank with strong track record, will assist the Prince de Galles to achieve further growth, and we look forward to a successful re-opening,” Mr. Musallam added.
“We are very pleased to refinance the renovation of the Prince de Galles, a Parisian hospitality icon. This deal demonstrates our capacity to structure important real estate financing in the French market and our confidence in the robustness and quality of the Prince de Galles’ business model,” said Fadi Halout, Country Manager of National Bank of Abu Dhabi in France.
NBAD is ranked one of the World’s 50 Safest Banks with operations in 15 countries. The NBAD Paris Branch, established in 1979, provides a wide range of corporate and personal banking products including working capital facilities, term loans, and trade finance products.
NBAD’s international network, which is the largest among UAE banks, spans across four continents. It aims to expand its international network to 41 countries in the next 10 years. In 2013, the Bank plans to launch operations in Lebanon, South Sudan, and Brazil.