Arab Today, arab today dubai hotel builder seeks extension on 27bn loan
Last Updated : GMT 10:14:37
Arab Today, arab today
Arab Today, arab today

Dubai hotel builder seeks extension on $2.7bn loan

Arab Today, arab today

Arab Today, arab today Dubai hotel builder seeks extension on $2.7bn loan

Dubai - Arabstoday

Kerzner International Holdings, the hotels giant that built the Atlantis on Dubai\'s Palm Jumeirah, is in talks to delay repayment of US$2.78 billion (Dh10.21bn) of loans coming due next month.It is feared the company, which is part-owned by Dubai World\'s Istithmar, might default on the mortgages if a deal cannot be reached, Bloomberg News reported yesterday, citing three sources familiar with the matter.The debt talks come as luxury hotels across the globe face tough times. Occupancy rates in some of the world\'s biggest tourism markets have stagnated amid a slump in economic activity and high unemployment in the developed world. Official data from Dubai\'s Department of Tourism and Commerce Marketing in February showed flat occupancy of 70 per cent last year.More than $1.4bn of Kerzner\'s debt is reportedly in the form of mortgage-backed securities sold on to investors. The company may ask those investors to take a $100 million upfront payment on the principal in exchange for a two-year extension to repay the debt. Dubai\'s relationship with Kerzner and its founder, Sol Kerzner, dates back almost a decade. It drew closer in 2006, when Istithmar World, the investment arm of the government-owned conglomerate Dubai World, bought 12.3 per cent of the company in a privatisation and takeover led by Mr Kerzner.The following year, Istithmar and Kerzner joined to help fund the multibillion-dollar City Center hotel and resort complex on the Las Vegas strip.In addition to building the $1.5bn Atlantis, the Palm, which opened in 2008, Kerzner was behind Dubai\'s One and Only Royal Mirage resort.Dubai World was being advised on the debt-extension talks by Moelis and Company, Bloomberg reported.Kerzner has hired Blackstone Group and Kirkland & Ellis to advise on the deal, and the company\'s South African founder has retained Centerview Partners. From / The National

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dubai hotel builder seeks extension on 27bn loan Arab Today, arab today dubai hotel builder seeks extension on 27bn loan

 



Arab Today, arab today
Arab Today, arab today Laptop ban sparks ire

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
Arab Today, arab today AT&T, Verizon join Google ad boycott

GMT 10:30 2017 Thursday ,23 March

AT&T, Verizon join Google ad boycott
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 10:18 2017 Tuesday ,21 March

Kuwait's tourism industry to be worth

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday