A US$2.4bn construction facility with a global syndicate of lenders has been obtained for the development of the Wynn Al Marjan Island project, set to be the first integrated resort in the UAE.
According to Wynn, this is the largest hospitality financing transaction in the history of the United Arab Emirates.
The bank syndicate includes a mix of regional and international lenders, with Abu Dhabi Commercial Bank and Deutsche Bank acting as joint co-ordinators of the financing. The term of the loan is seven years at a competitive market interest rate and is structured as a delayed draw facility.
Wynn reports that the construction of the project is going well, with 64 per cent of the structural concrete completed up to the 34th floor of the main resort tower. The construction team is completing one floor per week, working toward a topping off in December. In the last 100 days, the resort tower has grown approximately 140 feet.
