Synergy Consulting advised a Saudi-based real estate development company on the debt refinancing of its five-star operational hotel in Makkah, KSA.

Synergy Consulting advised a Saudi-based real estate development company on the debt refinancing of its five-star operational hotel in Makkah, KSA.

Synergy played a crucial role in liaising with the market advisors, preparing a complete bank package, and negotiating with existing and new lenders. Synergy also supported the sponsors during the due diligence and negotiation process, leading to financial close. The 700+ key hotel was successfully refinanced in early 2022 with a long-term refinancing facility of around USD 80 MN.

The five-star luxury hotel is located in the holy city of Makkah Al-Mukarramah and is a favorite among pilgrims during Ramadan and Hajj seasons. The hotel is designed according to global standards and operated by a world-renowned hotel operator. The hotel has exclusive food joints, an open terrace, art galleries, and other facilities to cater to the dynamic customer profile.

Synergy congratulates all the stakeholders for successfully achieving this milestone and looks forward to many more successful closures in the future.