Atlantis, the Palm Dubai takes out £554m loan
Published
05th Jun 2013
Luxury Dubai resort Atlantis, the Palm has taken out a £554m ($850m) loan to tackle debts and provide the property with new funding. The loan has been raised to refinance the 12-year, £456m ($700m), loan originally taken out on the £1m ($1.5bn) resort in 2005.
Opening in 2008, the 1539-room property was originally a joint partnership between UAE-based investment company Istithmar World and Kerzner International Resorts – whose portfolio also includes Atlantis, Paradise Island in the Bahamas and One & Only resorts around the world. In April 2012, Istithmar acquired Kerzner’s 50% share of the resort. Kerzner does, however, continue to manage the property.
The key banks behind the new loan are Barclays, HSBC, Commercial Bank of Dubai (CBD), Union National Bank, Abu Dhabi Commercial Bank (ADCB) and the National Bank of Abu Dhabi (NBAD)
