2013 October 30 01:00
Jumeirah Group raises US$1.4bn syndicated loan to support long-term growth plans
Dubai, UAE: 30 October 2013: Jumeirah Group (‘Jumeirah’), the global luxury hotel company and a member of Dubai Holding, announced today that it has successfully raised a US$1.4 billion unsecured syndicated loan priced at 2.75% above LIBOR due 2019.
The facility was lead arranged by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered. Jumeirah Group was advised by Rothschild on the transaction.
The loan will be used for expansion plans as Jumeirah continues to grow in the years ahead as well as for general corporate purposes, at the parent level, for Dubai Holding Commercial Operations Group.
Gerald Lawless, President and Group Chief Executive Officer, Jumeirah Group said; “The pricing we have been able to achieve for this syndicated loan is a testament to the Company’s financial strength and future prospects. This financing will support our focus on driving profitable revenues from the existing portfolio while giving us the headroom to continue our local and international expansion. This is the first time we have raised funds through a syndicated loan and we are pleased to be supported by the highest calibre of international and local banks.”
Year to date September 2013, average occupancy in Jumeirah’s portfolio of hotels has increased by 8% globally, compared to the same period in 2012. In the same period the revenue per available room, an industry standard for measuring performance, rose by 15%. The performance data is based on hotels that had more than 18 months of operations under the Jumeirah brand.
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About Jumeirah Group:
Jumeirah Group, the global luxury hotel company and a member of Dubai Holding, operates a world-class portfolio of hotels and resorts. Jumeirah Hotels & Resorts includes Jumeirah at Etihad Towers in Abu Dhabi; Burj Al Arab Jumeirah, Jumeirah Beach Hotel, Jumeirah Creekside Hotel, Jumeirah Emirates Towers, Jumeirah Zabeel Saray and Madinat Jumeirah in Dubai; Jumeirah Messilah Beach Hotel & Spa in Kuwait; Jumeirah Bilgah Beach Hotel in Baku; Jumeirah Dhevanafushi and Jumeirah Vittaveli in the Maldives; Jumeirah Himalayas Hotel in Shanghai; Jumeirah Frankfurt in Germany; Jumeirah Grand Hotel via Veneto in Rome; Jumeirah Port Soller Hotel & Spa in Mallorca, Spain; Pera Palace Hotel Jumeirah in Istanbul; as well as Jumeirah Carlton Tower and Jumeirah Lowndes Hotel in London. Jumeirah Group also runs the luxury serviced residences brand Jumeirah LivingTM; the wellness brand Talise; Jumeirah Restaurants; Wild Wadi WaterparkTM; The Emirates Academy of Hospitality Management; and SiriusTM, its global loyalty programme.
For further information please contact:
Jumeirah Group Corporate Communications
Director of External Communications
PO Box 73137, Dubai, United Arab Emirates
Visit us at: www.jumeirah.com