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Sun 14 Aug 2011 08:14 AM

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Financing woes stall Oberoi’s hotel growth

Indian hotelier struggles to raise capital for Abu Dhabi, Oman properties

Financing woes stall Oberoi’s hotel growth
Oberoi Group had planned a beach resort in Oman and two hotels in Abu Dhabi

Oberoi Group, the Indian
hotelier, has delayed its planned hotels for Abu Dhabi and Oman after
struggling to secure funding for the expansion, a spokesperson said.

The luxury hotel group
said in 2009 in would open four hotels in the UAE and Oman, as it moved to
expand its brand overseas.

 “Due
to the present economic situation worldwide, it has been difficult to get debt
financing when it comes to Abu Dhabi and Oman but we are trying our best to
have it sorted soon,” a spokesperson for the company told Arabian Business.

Oberoi
Group operates 28 hotels and three cruisers across five countries, under its
luxury ‘Oberoi’ and ‘Trident’ brands.

The Oberoi Dubai is
currently under construction in the city’s Business Bay area and is scheduled
to open in the third quarter of 2012.

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