Investment Corporation of Dubai refis hotel at the Time Warner Center

The Residences at the Mandarin Oriental are backing the $130M loan

TRD NEW YORK /
Dec.December 19, 2017 04:00 PM

80 Columbus Circle and Khalifa Al Daboos (Credit: Ithra Dubai)

Dubai’s sovereign wealth fund refinanced the hotel portion of 80 Columbus Circle, loan documents filed with the city Tuesday show.

Bank of China lent $130 million against the Residences at the Mandarin Oriental, a five-star hotel. The debt replaced an existing mortgage from the same bank plus $35 million in new financing.

The loan was signed by Khalifa Al Daboos, the deputy chief executive officer of the Investment Corporation of Dubai. The fund acquired a 73 percent stake in the hotel in 2015, according to Bloomberg and company regulatory filings. That stake was previously acquired by Dubai World, another government-owned investment fund, for $345 million in 2007, according to the New York Post. Representatives for Investment Corporation of Dubai and Bank of China could not immediately be reached.

The 55-floor tower at 80 Columbus Circle also contains 64 condominium apartments.

Investment Corporation of Dubai partnered with Brookfield Asset Management to form a $1 billion investment fund in 2011.


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