Aldau GEM Hotel

pending

IFC’s proposed investment is a senior secured corporate loan of up to US$100m, to Aldau Hospitality B.V. (the “Holdco” or “Aldau” or the “Borrower”), a Netherlands based holding company owned by Aldau Development B.V., part of the Sami Saad Group, a leading Egyptian conglomerate. Aldau Hospitality B.V. owns and operates a portfolio of five hotels in Egypt and a Netherlands-based tour operator. The hotels are operated by Aldau Hotel Management Company, a sister company of Aldau Hospitality, with franchise agreements to carry the brand names of international hotel operators. The borrower will be the holding company together with its subsidiaries, acting as joint co borrowers. The financing forms part of a US$265 million senior secured multi tranche financing package, arranged alongside EBRD and other lenders. IFC and other Lenders will lend to the Co-Borrowers: Aldau Hospitality BV and its Egyptian subsidiaries who will be jointly and severally liable for the repayment of the loan. The loan will (i) finance the development of a new 400-key hotel in West Cairo in the vicinity of and overlooking the Grand Egyptian Museum and the Pyramids of Giza; (ii) refinance/consolidate existing debt; (iii) finance other Capex-related investments, including land, buildings and refurbishment and (iv) fund future capex.