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Starwood Hotels, Al Maabar to Open St. Regis Hotel in Jordan

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Jan. 9 (Bloomberg) -- Starwood Hotels & Resorts Worldwide and Abu Dhabi’s Al Maabar International Investments plan to open a St. Regis brand hotel and residences in Amman, Jordan’s capital, in the first quarter of 2014.

The St. Regis Amman will include 270 rooms and the Residences at St. Regis Amman will have 80 units, the companies said in a joint statement today. Al Maabar’s investment in the project is $300 million, Managing Director Yousef Al Nowais told reporters in Abu Dhabi.

“About 50 to 55 percent of the project is financed by banks,” Al Nowais said. National Bank of Abu Dhabi PJSC is one of the lenders, Al Nowais added. He did not give a value of the loan.

Al Maabar’s current investments include $600 million in Morocco, $300 million in Libya and $200 million in Jordan, Al Nowais said. The company may sign a deal in Iraq in the next few months, he added.

Al Maabar is jointly owned by Abu Dhabi’s Sorouh Real Estate Co., Aldar Properties PJSC, Al Qudra Holding, Mubadala Development Co., Reem Investments and Reem International.

To contact the reporter on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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