Oracom Hotels, a subsidiary of the Egyptian Orascom conglomerate, has completed a £E850m ($157m) loan deal.

The deal has a tenor of seven years and is the first time that the hotel company has approached the loan market.

A total of 10 banks provided finance for the deal, including Egypt’s National Bank of Egypt, Banque Misr, Banque Du Caire, Ahli United Bank-Egypt, Suez Canal Bank, Egyptian Gulf Bank and Lebanon’s Blom Bank, Arab Investment Bank, Bank Audi, and National Bank of Abu Dhabi.

The deal was arranged by National Bank of Egypt and Banque Misr and was signed on 11 January. The loan will be used to finance new hotel developments.

Orascom Hotels could not be reached to comment.