Parisian Hospitality Icon to re-open in May 2013
Abu Dhabi, Paris - Prince de Galles, the luxury 5-star Hotel in Paris, finalized a refinancing deal with the National Bank of Abu Dhabi's (NBAD), involving its offices in Geneva, Paris and London, to complete the renovation of the Parisian hotel, which is scheduled to re-open in May 2013.
Built in 1928, now with 115 luxurious guest rooms, 44 suites and other elegant facilities, Prince de Galles temporarily closed in February 2011 for renovations. The 5-star hotel is located in Avenue George V, steps away from the Champs-Elysées, in the center of the French Capital.
Known for its traditional approach to hospitality and exceptional services, the elegant hotel has welcomed many dignitaries and celebrities over the decades.
"We are delighted to announce this partnership and very pleased to have successfully completed the refinancing of our Paris hotel in February 2013," said Ibrahim A. Musallam, Chairman of PdG Realty SAS and representative of the owners of the Prince de Galles.
"We appreciate the continued support of the National Bank of Abu Dhabi (NBAD), whose confidence reflects the quality of these assets. We believe NBAD, a reputable bank with strong track record, will assist the Prince de Galles to achieve further growth, and we look forward to a successful re-opening," Mr. Musallam added.
"We are very pleased to refinance the renovation of the Prince de Galles, a Parisian hospitality icon. This deal demonstrates our capacity to structure important real estate financing in the French market and our confidence in the robustness and quality of the Prince de Galles' business model," said Fadi Halout, Country Manager of National Bank of Abu Dhabi in France.
NBAD is ranked one of the World's 50 Safest Banks with operations in 15 countries. The NBAD Paris Branch, established in 1979, provides a wide range of corporate and personal banking products including working capital facilities, term loans, and trade finance products.
NBAD's international network, which is the largest among UAE banks, spans across four continents. It aims to expand its international network to 41 countries in the next 10 years. In 2013, the Bank plans to launch operations in Lebanon, South Sudan, and Brazil.
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About the Prince de Galles: www.hotelprincedegalles.fr/
Since its inception in 1928, the Prince de Galles, Paris, has stood as a beacon of sophistication and grace. Built during the Art Déco period, the Prince de Galles is centrally located on Avenue George V, steps away from the Champs-Elysées and some of the most celebrated landmarks including the Arc de Triomphe and the Eiffel Tower.
Its enviable location near international couture houses has made the hotel Prince de Galles a fashionable destination in itself for the past 80 years.
The hotel will re-open its doors on May 16th 2013, after a complete refurbishment.
About NBAD:
The National Bank of Abu Dhabi (NBAD), The Number One Bank in UAE, was incorporated in 1968 and is listed on the Abu Dhabi Securities Exchange (ADX), under stock code (NBAD). Ranked as one of the top 50 safest banks in the world since 2009, NBAD currently operates across 15 countries on four continents. NBAD has a network of 124 branches and more than 570 ATMs to provide banking services to customers all over the UAE. Besides brick & mortar branches, NBAD provides 24 hour internet banking access through NbadOnline and NbadDirect, the SMS-based payment service (Arrow) as well as account access and personalised customer support through its 24-hour Call Centre.
NBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C.; Egypt, Libya, and Sudan in Africa; UK, France, and Switzerland in Europe; Hong Kong, shanghai- China, Malaysia, and Jordan in Asia to Washington, D.C. in the U.S.A.
NBAD provides its customers with a wide variety of financial services targeting all segments of the consumer and corporate markets.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving it one of the strongest combined rating of any Middle Eastern financial institution.
NBAD Paris branch provides a wide range of Corporate & Personal Banking products including working capital facilities, term loans, and trade finance products.
For media enquiries, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Email: ehab.khairi@nbad.com
Web: www.nbad.com
© Press Release 2013
