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Arab Hotels Company: Completing Movenpick Hotel in Ramallah within months after providing the essential funding

2009-12-28

Ramallah- Al Ayyam: Firas Nasir al-Dein the Chairman of Board of Directors of Arab Hotels Company, announced the near completion and opening of the hotel "Movenpick" in Ramallah, especially after the company obtained the necessary funding to achieve this goal.Nasir al-Dein stated in a press release yesterday that the company attained the largest syndicated loan from Bank of Palestine and Cairo Amman Bank, which will allow finishing all necessary actions for the completion of the hotel during the period not exceeding the upcoming five months. He also clarified the allocation of JD 4,426,945 by the shareholders in order to accomplish the project that costs approximately $40 million. He stated that the company awards a special importance for the hotel project especially that is considered the first "five stars" hotel in Ramallah, and pointed out that the project is unique considering including 173 hotel rooms, as well as the largest hotel hall in Palestine, and is built on 11 Acers.  


 

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