Ifa Hotels & Resorts

A Consortium led by IFA Hotels & Resorts and Kuwait Real Estate Co. Closes US$315 Million Deal for Largest Hotel to Open in NYC This Year

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DUBAI, UAE, June 6, 2011 - - YOTEL Transaction Marks the Second Major Funding Deal for IFA HR in 6 Months International developer IFA Hotels & Resorts (IFA HR) announced today that the Consortium comprising IFA HR, Kuwait Real Estate Company (KREC) and United Investments Portugal (UIP) has simultaneously closed a financing and acquisition deal valued at US$315 million for its YOTEL New York property.

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