By Aarti Nagraj gulfbusiness.com
Ajman-based R Holding revealed that its hospitality unit has secured funding worth Dhs204 million from Commercial Bank of Dubai (CBD), to support the development of its new property in Palm Jumeirah.
The fund will form part of R Hotel’s Dhs500 million hotel at the Palm, which is set to open on the last quarter of 2016, a statement said.
Located on the east crescent, the new four-star resort and spa will feature 259 rooms and leisure facilities.
The first phase of construction will start in the first quarter of 2015, the company said.
Sumair Tariq, managing director of R Hotels, said: “By capitalising 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.”
Having CBD on board “guarantees that the project is backed by an established financial institution,” he added. More info