(MENAFN) R Holding/R Hotels announced that it has signed a USD55.5 million financing deal for its recently announced property project in Palm Jumeirah, which is part of its USD136.08 million hotel investment project on the Palm, Arabian Business reported.
The project, which is set to open during the October-December quarter of 2016, will include 259 rooms and leisure and wellbeing facilities as part of the four-start resort and spa, with the first phase of the construction expected to begin in the first quarter of 2015,
"By capitalizing on strategic hotel locations in the UAE, R Hotels is confident on the stable return of investments of all our projects in the pipeline, especially our property in Palm Jumeirah," managing director of R Hotels said.
R Hotels currently owns and manages four properties in the UAE including Ramada Hotel and Suites Ajman, Ramada Beach Hotel Ajman, Ramada Downtown Dubai, and Hawthorn Suites by Wyndham in Jumeirah Beach Residence, with the company planning to open its fifth hotel in Jumeirah during the second quarter of 2015.
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