Financing woes stall Oberoi’s hotel growth

Oberoi Group, the Indian hotelier, has delayed its planned hotels for Abu Dhabi and Oman after struggling to secure funding for the expansion, a spokesperson said.The luxury hotel group said in 2009 in would open four hotels in the UAE and Oman, as it moved to expand its brand overseas.“Due to the present economic situation worldwide, it has been difficult to get debt financing when it comes to Abu Dhabi and Oman but we are trying our best to have it sorted soon,” a spokesperson for the company told Arabian Business. Oberoi Group operates 28 hotels and three cruisers across five countries, under its luxury ‘Oberoi’ and ‘Trident’ brands.The Oberoi Dubai is currently under construction in the city’s Business Bay area and is scheduled to open in the third quarter of 2012. From / Arabian Business News