Abu Dhabi real estate firm Eagle Hills has signed a Dhs300m ($81.6m) facility with National Bank of Fujairah to finance the construction of luxury hotel development the Address Fujairah Resort + Spa.
The development in Sharm, Fujairah, comprises a five-star hotel with 198 rooms and villas and 170 branded residences.
Marina and grading works for the project were awarded to general engineering and contracting company BATCO Group in December.
It is expected to be completed in 2019.
“This strategic agreement with a trusted bank represents an important milestone in the development of The Address Fujairah Resort + Spa,” said Eagle Hills CEO Low Ping.
“It will further reassure customers about their investments in a project that will be delivered in a timely fashion, whilst adhering to the world-class standards of Eagle Hills and The Address Hotels & Resorts.
Mohammed Alabbar, the chairman of Address brand owner Emaar is also a board member of Eagle Hills.
In April, Eagle Hills also announced a major mixed use development in Fujairah with a luxury five-star hotel and 84 villas.