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| Bur Dubai Residences |
Kingdom Hotel Investments (KHI), one of the leading hotel and resort investment companies in the world, chaired by HRH Prince Alwaleed Bin Talal, has acquired the neighbouring property to its Mövenpick Bur Dubai hotel in Dubai for $24.9 million. The edifice will be named Mövenpick Bur Dubai Residences, which will boost the capacity of the hotel through fully serviced apartments and facilities.
HRH Prince Alwaleed Bin Talal, Chairman of KHI, said: “The Mövenpick Bur Dubai hotel goes from strength to strength and we are delighted to have the opportunity to extend its offering through the development of the Mövenpick Bur Dubai Residences.”
The new property will provide 63 hotel apartments (with an average apartment size of 110 sqm), a swimming pool, gym, retail outlets and underground parking which will be operational by the first quarter of 2007. The financing of the Mövenpick Bur Dubai Residences has been completed with Emirates Bank International providing a $27 million loan, and with $2.3 million of equity provided by KHI, which translates into an attractive debt-to-equity ratio of 91.5%.
(Press release)
