USD 35 million approved on expansion of the luxury hotel

Managing Director of Unique Hotel & Resorts Ltd. Mohd. Noor Ali signed a US$ 35 million foreign currency loan agreement recently with Standard Chartered Bank to fund the company's expansion plans into the hospitality sector. CEO, Standard Chartered Bank Bangladesh Abrar A. Anwar also seen.

Standard Chartered Bank and Unique Hotel & Resorts Limited (owner of The Westin Dhaka) signed an agreement recently to fund UHRL's ongoing expansion programmes into the hotel sector, said a statement.

Mr. Mohd. Noor Ali, the Managing Director of Unique Hotel & Resorts Ltd. signed the agreement on behalf of UHRL. Mr. Abrar A Anwar, CEO, Standard Chartered Bangladesh was also present on the occasion.

Unique Hotel & Resorts Ltd. is the owner of The Westin Dhaka - an internationally branded chain hotel in Bangladesh. The company has plans to set up two internationally branded 5 star hotels at Gulshan and Banani in Dhaka. Standard Chartered Bank has approved USD 35 million term loan to fund the on-going expansion programmes of Unique Hotel & Resorts Ltd.

On this occasion, Mr. Mohd. Noor Ali, MD of UHRL said, "This landmark deal will help Unique Hotel & Resorts Ltd. to lower its funding cost by availing financing in foreign currency and further consolidate its position as leading player in the hospitality sector in Bangladesh. We are really happy to sign this agreement with Standard Chartered Bank, as they are providing an innovative financial solution that will benefit us and our shareholders immensely."

Mr. Abrar A. Anwar, CEO, Standard Chartered Bank Bangladesh said. "We are really pleased to come up with such a solution for Unique Hotel & Resorts Ltd. This agreement is another testimony of our commitment to continuously innovate and provide the best financial solution to our clients and customers and also to bring global best practices to Bangladesh."