Gulf Hotels Group will take a  BD 25 million (USD 66 million) loan of to purchase Dubai-based Gulf Court Hotel Business Bay, reported Gulf Daily News.

“The group will borrow the amount to buy a ready-made hotel in Dubai, which is expected to open shortly,” chairman Farouk Almoayyed said, adding that the cost of the four-star hotel is BD 35 million (USD 93 million) and is expected to generate revenues of about BD 3 million (USD 8 million) a year.

The Gulf Court Hotel Business Bay in Dubai has 269 rooms and suites offering views of the Dubai Canal or the city.