R Hotels secures funds for Palm property

R Hotels, part of R Holding has secured funds of AED 204 million from Commercial Bank of Dubai (CBD), to finance the development of its property in Palm Jumeirah.

The additional funding takes the total investment by the company in the Palm hotel to around AED 500 million.

The property is set to open in Q4, 2016 on the east crescent of the development, boasting 259 rooms along with leisure and wellbeing components.

Phase one of the construction will commence this quarter.

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