First-Class Hotel in International Zone of Baghdad

Delphos arranged financing for a greenfield 300-room, first-class business hotel in “Green Zone” in Baghdad, Iraq to be managed by Rotana Hotels. Delphos International assisted the Summit Group in obtaining a $50 million long-term senior loan from OPIC to finance 50% of total projects costs, including EPC, furniture, fixture and equipment costs and financing costs, among others. The loan had a grace period of 30 months with a door-to-door tenor of 15 years. Financial closing was achieved in September 2010. In addition, Delphos International assisted Summit’s U.S. and Iraqi owners in obtaining political risk insurance through a reinsurance agreement between OPIC and an Iraqi insurance company.

Details

Category

  • Real Estate & Hospitality

Client Name

Summit Group LLC

Services Provided

  • Capital Raising

Region

  • Middle East & North Africa

Country

  • Iraq