IslamicFinance.de

Bahrain-based Banader Hotels Co, has signed a BD 18 million (US $47 mn) project finance deal with Kuwait Finance House, Bahrain to raise funds to complete construction of the Banader Rotana Hotel in Manama. Work on the 28-storey hotel and furnished apartments has already begun, with the finished property to comprise of 251 rooms including private suites. According to Banader Hotel Co. Chairman Abdulla Buhindi, the financial crisis affected many real estate projects in the region, where some of them ceased production due to the lack of funding. The KFH Bahrain funding will provide the finance to resume work on the Banader Rotana Hotel. The Banader Rotana Hotel will be located in close proximity to Bab Al Bahrain, Bahrain Financial Harbour and commercial markets.