Dubai’s Palm Jumeirah Hotel secures $115m loan

07 Dec 2010

(MENAFN) Joe Sita, President of IFA Hotel Investments, which oversees successful mixed-use developments including the Fairmont Palm, revealed that it has secured a finance deal from a bank, valued at $115 million, to complete its Palm Jumeirah Hotel project, Arabian Business reported.

According to Sita, the financing agreement will allow IFA HI to expedite the project�s completion to the first quarter of 2012.

This is the second loan the bank has facilitated for IFA, with the first being a $165.9m loan to finance The River by Thai developer Raimon Land, in which IFA HR is a major stakeholder, Sita added.

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