Deutsche Bank was the mandated lead arranger and underwriter on the deal. Abu Dhabi Commercial Bank, Ahli United Bank, Emirates NBD and Doha Bank joined during the syndication phase.
Kerzner — which operates the Royal Mirage in Dubai, among other hotels — is shifting to an “asset-light” model, where the firm will focus its business on resort management, rather than development, the firm said in a statement on Tuesday.
“With substantially less debt and with access to additional cash, we can continue to focus on our growth plans,” said Alan Leibman, chief executive officer of Kerzner.
Earlier this month, Kerzner announced two new resorts in Montenegro and Sanya, China. These will be the firm’s first resorts in Europe and Asia, respectively.
