Developer Eagle Hills secures Dh300m loan for Fujairah hotel
The Address Fujairah Resort is one of two properties being built by the developer in the northern emirate
Eagle Hills, the Abu Dhabi-based developer which has the Emaar chairman Mohamed Alabbar as a board member, has secured a Dh300 million loan from National Bank of Fujairah to fund the construction of a five-star hotel development in Fujairah.
The loan will fund the construction of The Address Fujairah Resort, a luxury hotel and residential development.
The agreement is an “important milestone” for the project’s development and will offer reassurance to customers that their investments “will be delivered in a timely fashion”, said Low Ping, the chief executive of Eagle Hills.
Eagle Hills first announced the project in April last year.
Built on a 1.2-million square feet plot of land, it will contain an Address Hotel and 170 serviced apartments spread over four buildings, in addition to a mix of beach and garden villas. All the properties will have access to the beach and a 500-metre promenade and plaza.
In June, the developer also announced its plans to build a second luxury hotel in the emirate, the Palace Fujairah Beach hotel. Both are being managed by Emaar Hospitality Group’s Address Hotels & Resorts brand.
Construction at The Address Fujairah Resort is under way with completion scheduled for 2019.
“The construction sector continues to be a key economic driver for markets across the UAE and GCC,” said Vince Cook, NBF’s chief executive.
Updated: August 22, 2017 07:39 PM