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Action Hotels inks JV for 1st Dubai project

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Action Hotels inks JV for 1st Dubai project

is partneringwith Mubarak Al Abdullah in a 50/50 joint venture for its first hotel in Dubai.

The220-room Novotel Dubai Creek hotel in Dubai Healthcare City will be operated byAccorHotels' Novotelbrand.

Thejoint venture partnership, with Action Hotels shareholder and Chairman AlAbdullah, will acquire the land for approximately $16.0 million. Each partnerwill contribute approximately $10.4 million to the project, and the venturewill borrow $35.2 million to fund development costs. The total cost of theproject is pegged at $56.0 million.

Constructionis expected to commence in the third quarter, with completion slated for thefourth quarter of 2017. The hotel is expected to be operational in early 2018.

Thecompany's board, in consultation with adviser Zeus Capital, have determined theterms of the joint venture to be reasonable for shareholders.