Abu Dhabi – Mubasher: RAK Hospitality Holding announced Sunday that it concluded an AED 880 million debt transaction with respect to its four internationally-branded hotels, which are held by its subsidiary, RAK National Hotels, according to the company’s statement.

RAK Hospitality is an asset owner and manager of a diverse portfolio of government owned hotels, hospitality and leisure assets in Ras Al Khaimah.

Mashreq Bank was the underwriter, mandated lead arranger and bookrunner for the eight-year loan facility with Arab Bank, as the mandated arranger. Allen and Overy acted as legal counsel for the lender and Clyde and Co represented the borrower, the company added.

RAK Hospitality said the debt facility will be used as partially funding the purchase of two hotels (Rixos Bab Al Bahr in Marjan Island and Banyan Tree Al Wadi), and as refurbishment finance for two hotels (Hilton Ras Al Khaimah and Hilton Resort & Spa Ras Al Khaimah) and for consolidation and refinancing existing debt.