January 14, 2019 / 10:10 AM / 4 months ago

Abu Dhabi National Hotels secures 1.6 bln dirham loan for hotel purchase

DUBAI, Jan 14 (Reuters) - First Abu Dhabi Bank said on Monday it had agreed to provide a 1.6 billion dirham ($436 million) loan to Abu Dhabi National Hotels (ADNH) for the acquisition of a number of Dubai-based hotels.

The statement didn’t specify the hotels, but ADNH said on Nov. 29 it had agreed to buy five hotels from Emaar Properties unit Emaar Hospitality for 2.2 billion dirhams.

$1 = 3.6728 UAE dirham Reporting by Tom Arnold; Editing by Mark Potter

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