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FINANCIAL NEWS
Abu Dhabi National Hotels to double assets in 3yrs
04 May 2010
(MENAFN) Abu Dhabi National Hotels (ADNH) said that it plans to double its assets over the next three years, Reuters reported.
ADNH’s Chief Executive, Richard Riley, said that this expansion plan would include not only the hotels side of business, but also its catering, transport and tours units.
He said that the company’s agenda is to double its assets three to five years in line with Abu Dhabi’s 2030 vision, which includes transforming the emirate into a tourism hub. Riley added that ADNH will deliver 1,500 rooms to the Abu Dhabi market in the next two years.
In February, the company secured a $408.5 million loan from four banks to finance projects in Abu Dhabi. It has three hotel properties under construction in the emirate, with one to be managed under the Park Hyatt brand and two yet to be signed up with operators.
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