World’s largest Islamic hotel financing deal sealed in Singapore
22 July 2018
News & Press Release
The Singapore branch of RHB Bank, one of the largest banking groups in Malaysia, has signed what it says is the world’s largest Islamic bilateral hotel financing deal with Royal Group of Companies, a Singapore-based property conglomerate, the bank announced in a statement.
The lender will provide an alternative finance package for a five-star luxury hotel valued at SGD300mln (USD219mln), the SO Sofitel Singapore Hotel, which is the underlying asset of the deal.
The hotel, located in the city state’s Central Business District on Robinson Road within an iconic historical building, opened its doors back in 2013 with 134 rooms and is geared towards attracting both business travellers and tourists.
The Islamic financing contract has been entered as a refinancing deal for the property and is also the first Islamic financing structure for Royal Group, according to its co-chairman Bobby Hiranandani.
Source: Gulf Times, 19 July 2018
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