The National Bank of Abu Dhabi (NBAD), The UAE’s Number One Bank, has concluded the long term financing to the value of AED1.3 billion for Pearl Azure to finance the acquisition and transaction of three existing hotel assets. Emirates Bank partnered with NBAD as sub-underwriter and mandated lead arranger providing commitment of AED 620 million.
Ali Hamad Lakhraim Al Zaabi one of the shareholders and General Manager of new owners Pearl Azure Hotels Management LLC, Abu Dhabi and Pearl Azure Properties LLC, Dubai signed the facility agreement with Abdulla bin Khalaf Al Otaiba, Head of Corporate Banking group and Deputy GM of Domestic Banking, NBAD and Mahdi Kazim, Senior Manager and Head of Corporate Banking group of Emirates Bank in Dubai.
“We are delighted to announce this as our first investment. We believe we can assist the hotels to further enhance growth and look forward to a rewarding and successful partnership. Thanks to NBAD and Emirates Bank, this agreement represents the successful completion of one of the largest acquisition financing deals in the hotel sector in UAE,” commented Ali Al Zaabi.
The hotel properties are located in the prime areas of Dubai and Abu Dhabi. Crown Plaza operates two of the three hotels and Abu Dhabi National Hotels company operates the third - Sands Hotel.
“NBAD regard this as a very important, high profile transaction and is our first acquisition of a major hotel chain in the UAE. We are committed to supporting the continuing economic development of the UAE and look forward to playing a significant role in further structuring and concluding financing of bankable deals in the various Emirates,” commented Abdulla Al Otaiba.
"This is the first debt syndication for the Pearl Azure group and will be instrumental in meeting both their growth needs in the near future. We are honoured to have been selected to co-lead manage this transaction with NBAD,” commented Mahdi Kazim, Emirates Bank.
