The owners of the Prince de Galles, the luxury five-star Hotel in Paris, said they have finalised a refinancing deal with the National Bank of Abu Dhabi (NBAD) to complete the renovation of the hotel, which is scheduled to re-open next month.
Built in 1928, now with 115 guest rooms and 44 suites, Prince de Galles temporarily closed in February 2011 for the renovations.
The hotel is located in Avenue George V, steps away from the Champs-Elysées, in the centre of the French Capital.
It has welcomed many dignitaries and celebrities over the decades.
“We are very pleased to refinance the renovation of the Prince de Galles, a Parisian hospitality icon. This deal demonstrates our capacity to structure important real estate financing in the French market and our confidence in the robustness and quality of the Prince de Galles’ business model,” said Fadi Halout, country manager of National Bank of Abu Dhabi in France.
Ibrahim A Musallam, chairman of PdG Realty and representative of the owners of the Prince de Galles, added: “We are delighted to announce this partnership and very pleased to have successfully completed the refinancing of our Paris hotel.
“We appreciate the continued support of the National Bank of Abu Dhabi, whose confidence reflects the quality of these assets… and we look forward to a successful re-opening.”
NBAD is ranked one of the world’s 50 safest banks with operations in 15 countries.
It aims to expand its international network to 41 countries in the next 10 years. In 2013, the Bank plans to launch operations in Lebanon, South Sudan, and Brazil.
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