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Dubai hotel group Jumeirah raises $1.4bn loan

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Dubai’s Jumeirah Group, a luxury hotel company, has raised a $1.4 billion unsecured syndicated loan due in 2019 to help fund its expansion, the company said on Wednesday.

The loan was priced at 2.75 percent above the London Interbank Offered Rate and lead-arranged by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered. Jumeirah was advised on the deal by Rothschild.

One of the key assets of Dubai Holding, a conglomerate owned by the emirate’s ruler, Jumeirah will also use part of the loan for the general corporate purposes of the Dubai Holding Commercial Operations Group, it said.