Abu Dhabi Islamic Bank (ADIB) UK, a wholly-owned subsidiary of Abu Dhabi Islamic Bank closed a commercial financing transaction for the acquisition of a Travelodge Hotel, located at London’s Heathrow Airport.

The property was acquired by a Saudi based client for £40.3 million (AED 194.6 million, USD 53 million), with ADIB providing £26 million (AED 125.7 million, USD 34 million) of Sharia-compliant financing.

The hotel, is leased to Travelodge Hotels Limited, the UK’s second largest hotel brand, with 20 years remaining on the lease. It is one of the best performing in Travelodge’s portfolio and is exceptionally well placed to benefit from the decision to proceed with the new runway at Heathrow. The hotel was developed in 2007 and comprises six floors, offering a total of 297 hotel rooms.