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Abu Dhabi National Hotels says to double assets

The 35-year old company started expanding its operations two years ago as part of Abu Dhabi's 2030 plan, which includes transforming the emirate into a tourism hub. ADNH will deliver 1,500 rooms to the Abu Dhabi market in the next two years. In February the company received a $400 million loan from four banks to finance projects in Abu Dhabi, the capital of the United Arab Emirates.The company has three hotel properties under construction, with one to be managed under the Park Hyatt brand and two yet to be signed up with operators. ADNH has a total of around 16 hotels under its portfolio, including assets it owns and others it operates, ranging from luxury to budget brands. The company is building a hotel at a cost of $270 million on Saadiyat island, site of plannedbranches of the Louvre and Guggenheim museums. Richard Riley, CEO, said the group saw a 10 percent drop in occupancies in the first quarter of the year, due to an increase in supply to the market, but still maintained levels of 80 percent.

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