Synergy Consulting raised financing for W Hotel in Muscat, Oman

Synergy Consulting raised long-term non-recourse debt for Oman Tourism Development Company (Omran), the Sultanate’s executive arm for tourism development. W Muscat is an upscale luxury 5 star hotel in Muscat which commenced operations in Q2 2019. The hotel has 279 rooms, 7 food & beverage outlets, wellness & spa facilities, ballroom, health club facilities and a business center. Omran had raised corporate funding for construction of the hotel. Synergy supported Omran in refinancing the debt by raising long term non-recourse debt on the hotel SPV. The long term facility was raised from Oman Arab Bank; debt service would be done from hotel cash flows and the bank has no direct/ indirect support from Omran. Omran is the largest hotel investment company in the Sultanate with a portfolio featuring as many as 24 internationally and locally branded hotels and resorts.