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Kuwait’s IFA Hotels gets $240 mln funding for New York hotel

The financing of YOTEL was led by US-based private investment firms Atrium Holding Co with co-funding from private equity firm Centerbridge Partners, the company said in a statement.

June 6, 2011 3:25 by



Kuwait-based IFA Hotels and Resorts said on Monday that a consortium led by the company has secured financing worth $240 million to acquire YOTEL New York property from its developer.

The financing of YOTEL was led by US-based private investment firms Atrium Holding Co with co-funding from private equity firm Centerbridge Partners, the company said in a statement.

The acquisition of the property from the developer Related Co happened simultaneously with the financing – bringing the total value of the transaction to $315 million. The YOTEL in Manhattan New York, which opened to guests on June 3, is the fourth of the hotel chain after openings at Heathrow, Gatwick and Schiphol airports. IFA is the majority shareholder in YOTEL.

IFA announced in December last year that it secured $115 million in funding to complete its Fairmont Palm Jumeirah hotel project in Dubai.

(Reporting by Praveen Menon; Editing by Dinesh Nair)



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