Dubai, UAE - IFA Hotels & Resorts (IFA HR) has secured a US$100 million syndicated loan facility led by Emirates NBD.
The facility will be utilised towards growing the IFA HR global portfolio and tapping into new emerging markets. IFA HR is currently present in over 15 markets across the Middle East, Europe, Africa, Indian Ocean region, Asia and North America.
Emirates NBD is the mandated lead arranger, underwriter and bookrunner for the transaction. Commercial Bank of Dubai is acting as an arranger. General syndication will be launched in one week's time.
Talal Jassim Al-Bahar, Chairman and Managing Director, IFA HR said: "This is the start of a long term relationship and we're proud to be working with Emirates NBD; we hope this will be one of many transactions in the coming years."
"This is a prestigious transaction for us, particularly as Emirates NBD has initiated its formal relationship with IFA Hotels & Resorts from this transaction. We are proud of our association with IFA Hotels & Resorts and wish them success in all of their future endeavours," said Mahdi Kazim, General Manager Large Corporates at Emirates NBD.
The collaboration is the first in a series of project financings that IFA HR intends to launch internationally at different stages over the next two to three years as the mixed-use developer expands its global presence.
"Our current projects alone will require upwards of US$ 1 billion in debt financing over this period," said Tarik Dahir, Vice President of Corporate Funding, IFA HR.
Rajan Khetarpal, Deputy General Manager & Head Global Debt Capital Markets & Overseas Corporates, Emirates NBD said: "We are very pleased with the success of IFA Hotels & Resorts' debut transaction in this market, particularly from the point of view of closing a real estate transaction in current market conditions. We look forward to working with them in their future transactions. Emirates NBD continues supporting clients in their quest for growth."
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About IFA Hotels & Resorts
IFA Hotels & Resorts is a leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Far East, Africa, the Indian Ocean Region and North America.
IFA Hotels & Resorts' activity in resort development began in the mid 80s with the acquisition and development of Pine Cliffs Resort in the Algarve, Portugal, through United Investments Portugal, which is part of the IFA Consortium.
The grandeur of Pine Cliffs provided the ideal environment for investment in the real estate sector as well as residential homes and resort living, and thus the consortium's link with the hospitality sector developed. Today, IFA Hotels & Resorts sets the international benchmark for the development of world class integrated real estate development.
A specialist in resort development, IFA Hotels & Resorts enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, Mövenpick Hotels & Resorts, Kempinski Hotels, Sheraton Hotels & Resorts and Sun International, appointed to manage developments around the world.
IFA Hotels & Resorts listed on the Kuwait Stock Exchange in January 2006, with a market capitalisation of over US$ 1 billion. The company also listed on the South African JSE Limited (Johannesburg Stock Exchange) during 2006 with plans to list on other major exchanges in the future. In January 2007, the company invested in listed Thai developer Raimon Land.
Globally, IFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, YOTEL (UK), a strategic alliance with RCI (part of the Cendant's Group), Tongaat Hulett Developments (South Africa), Boschendal Ltd (South Africa), Raimon Land (Thailand), Ohlthaver & List (Namibia), Indian Ocean Resorts (Seychelles)and most recently Related (United States).
IFA Hotels & Resorts currently has projects in Dubai, Lebanon, the United Kingdom, the Netherlands, Portugal, France, South Africa, Kenya, Zanzibar, Namibia, Seychelles, Thailand, Caribbean and New York, with plans to link its resorts to new parts of the globe. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA Hotels & Resorts' programme of brand acquisition and developer partnerships will continue into the future, illustrated by the ever growing strength of its product range: lifestyle membership clubs, vacation clubs, fractional ownership, hotel ownership, residences, yacht ownership clubs and jet ownership clubs.
This unique product range enables IFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe. Website: www.ifahotelsresorts.com
© Press Release 2008
