Abdulmohsen Alhokair Group for Tourism and Development Announces Purchase Hotel Asset in the value of (38 ) million Saudi Riyal
| Element List | Explanation |
|---|---|
| Introduction | Abdul Mohsen Al Hokair Group for Tourism and Development announces the completion of the purchase of the building Novotel Hotel and Suites building in the city of Riyadh, at a value of 38 million Saudi riyals, which was paid through obtaining financing, noting that the building was rented by the Group.
The hotel is located on the main Olaya Street in the city of Riyadh. The hotel consists of 115 rooms and suites, a number of meeting rooms, a café, and a health club. |
| Transaction Details | Purchasing the assets of Novotel Hotel and Suites in Riyadh - Olaya Main Street. |
| Transaction Value | (38 ) million Saudi Riyal |
| Transaction Terms | NA |
| Parties of the Transaction | The first party (The seller) : Mr.Abdullah Alajmi
The second party (The buyer) : Abdulmohsin Alhokair company for tourism and development |
| Transaction Funding Method | By bank loans |
| Transaction Execution Date | 2024-02-13 Corresponding to 1445-08-03 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | The hotel is located on the main Olaya Street in the city of Riyadh. The hotel consists of 115 hotel rooms and suites, a number of meeting rooms, a café, and a health club. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | NA |
| Transaction reasons | This step comes in line with the Group strategy to strengthen its assets and improve its financial position by owning real estate assets. |
| Expected Impact of the Transaction on the Company and Its Operations | The financial impact of this process is expected to begin in the first quarter of 2024. |
| Related Parties | NA |
| Additional Information | NA |
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