Abu Dhabi National Hotels (ADNH), listed on the Abu Dhabi Securities Exchange (ADX), has signed an AED 1.6 billion term loan facility with First Abu Dhabi Bank (FAB).
The loan facility will be used to finance the acquisition of hotel properties in Dubai, the company said in a statement to the ADX.
In November, Emaar Hospitality, the hospitality and leisure subsidiary of global developer Emaar Properties, signed a deal with ADNH to sell five of its hotels, including the flagship Address Dubai Mall, Address Boulevard, Vida Downtown, and Manzil Downtown.
ADNH last reported a 17.2% year-on-year profit decline for the third quarter of 2018, recording AED 13 million, compared to AED 15.7 million.
In the nine-month period ended September 2018, the company’s profits rose 9% to AED 154.7 million, versus AED 141.4 million during the corresponding period of 2017.