ADIB finances £40 mln UK hotel acquisition for Saudi client

A Saudi Arabia-based client has acquired of a Travelodge Hotel, located at London’s Heathrow Airport, for £40.3 million ($52.4 million) with Abu Dhabi Islamic Bank’s (ADIB) UK subsidiary providing £26 million ($33.8 million) in Shariah-compliant financing, the bank said in a statement on Sunday.

The hotel is leased to Travelodge Hotels Limited, the UK’s second largest hotel brand, with 20 years remaining on the lease, the Abu Dhabi-based lender said.

Developed in 2007, the hotel comprises six floors and offers a total of 297 rooms.

No details on the identity of the client were disclosed.