ADDAX Bank announces Opening of First 'Express by Holiday INN' Hotel

Date : 29 July 2007

Property will be the first of an anticipated 20 hotels to open across the GCC and Jordan

Addax Bank has announced the opening of the first ‘Express by Holiday Inn’ hotel, the Middle East’s first branded budget hotel, in Dubai Internet City ,U.A.E. Bahrain-based Addax Bank was the sole structuring and placement agent of the US$ 150 million deal to finance approximately 20 Express by Holiday Inn Hotels across five GCC countries and Jordan by 2010.

Ishraq Gulf Real Estate Company is the developer for the Express by Holiday Inn hotels and holds the exclusive rights to this international budget hotel brand across all GCC states and Jordan except Saudi Arabia.

Yousef Al-Essa, CEO, Addax Bank and Vice Chairman of Ishraq’s Board of Directors said, “The opening of the first ‘Express by Holiday Inn’ property in the U.A.E. is a milestone event that demonstrates our commitment to delivering on the investments we bring to our clients. The ‘Express by Holiday Inn’ investment opportunity is one of the projects we are extremely proud to have brought to our clients. Now that the first hotel has opened we are more confident than ever of our ability to deliver on our promises and exceed our clients’ expectations.”

“With the launch of the first ‘Express by Holiday Inn’ hotel in the U.A.E. we are well on our way to becoming the leading owners of branded budget hotels in the region. The ‘Express by Holiday Inn’ brand aims to provide competitive prices which appeal to both business and leisure travellers,” Al-Essa added.

More ‘Express by Holiday Inn’ properties are planned for Bahrain, Qatar, Oman, Kuwait and Jordan over the next five years, with an additional three hotels set to open in the U.A.E. alone over the coming 18 months.

The first Express by Holiday Inn property has 244 rooms over four floors and features a range of amenities designed to meet the needs of both business and leisure travellers. The Express by Holiday Inn brand is one of the world’s most dynamic budget hotel brands with 1600 properties to its name worldwide.