Alwaleed signs $20M loan to finance Four Seasons in Syria

Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud, chairman of Kingdom Hotel Investment Group signed today a US $20 million bank loan to finance part of the equity of Kingdom 5 KR 71 Ltd., the major shareholder of Four Seasons Damascus hotel.

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By  Massoud Derhally Published  July 16, 2003

Prince Alwaleed Bin Talal Bin AbdulAziz Alsaud, chairman of Kingdom Hotel Investment Group (KHI) signed today (July 16) a US $20 million bank loan to finance part of the equity of Kingdom 5 KR 71 Ltd., the major shareholder of Four Seasons Damascus hotel.

A syndicate of Lebanese banks lead by First National Bank. Other members include: AlMawarid Bank, Credit Bank, Lebanon and Gulf Bank, Middle East & Africa Bank, and Lebanese Swiss Bank. ProFinance, a Lebanese based advisory company, acted as a financial advisor for the transaction and as an arranger together with FNB. Mobil project, the FF&E contractor of the project, was also a participant in the bank loan.

In January 1998 Prince Alwaleed had signed a contract with the Syrian government for the development and construction of the first Four Seasons hotel in Syria, which will be opening in the fall of 2004. The $100 million project is currently under completion and is expected to open in one year.

Prince Alwaleed has a 24% stake in the Four Seasons hotels, owns the George V hotel in Paris, and has over $1 billion in real estate investments.

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