Dubai: R Holding/R Hotels said on Sunday it has secured fund worth Dh204 million from Commercial Bank of Dubai (CBD), to back the development of its recently announced property in Palm Jumeirah.
The fund is part of R Hotel’s Dh500 million hotel investment at The Palm, which is set to open on the last quarter of 2016, while the construction will start in the first quarter of 2015.
“The hospitality market is witnessing increased growth in the UAE, and CBD is committed to supporting the sector’s development given its strategic importance to the UAE’s economy and its contribution to GDP growth,” said Alain Renaud, General Manager Corporate, Commercial & Investment Banking for Commercial Bank of Dubai in a statement.
R Hotels currently owns and manages four properties in the UAE which are Ramada Hotel and Suites Ajman, Ramada Beach Hotel Ajman, Ramada Downtown Dubai, and Hawthorn Suites by Wyndham in Jumeirah Beach Residence. The group will open its fifth hotel in Jumeirah in the second quarter this year, and the said project at The Palm will be its sixth property in the UAE.
