Abdulmohsen Alhokair Group for Tourism and Development Announces Purchase Hotel Asset in the value of (38 ) million Saudi Riyal

Abdulmohsen Alhokair Group for Tourism and Development Announces Purchase Hotel Asset in the value of (38 ) million Saudi Riyal

14 February 2024 08:06 AM

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