The facility will be used to finance the ongoing construction of the Address Fujairah Resort and Spa
Abu Dhabi developer Eagle Hills has signed a AED300m ($82m) finance facility with the National Bank of Fujairah (NBF), according to a company statement.
The facility will be used to finance the ongoing construction of the Address Fujairah Resort and Spa hotel project.
The Address Fujairah Resort + Spa hotel, and The Address Residences Fujairah Resort + Spa. Altogether there will be 198 five star hotel rooms, five beach and five garden villas, and four residential buildings with 170 branded and serviced residences. Completion is scheduled for 2019.
The hotel will be part of Eagle Hills Beach project, which is a mixed-use development that will also feature a residential compound made up of 84 villas and townhouses as well as various retail outlets.
The lead consultant on the $250m master planned area is the local Archgroup Consultants.
In December last year, MEED reported that Eagle Hills had awarded Lebanons Batco Group the contract for marine and grading work for another one of its resort developments in Fujairah.
The mixed-use development will be built on a 500-metre stretch of the Fujairah coastline on the UAEs East coast. The project is located in the Sharm area of Fujairah to the south of Al-Aqah beach and 21 kilometres from Dibba.
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