Riyadh – Mubasher: Tourism Enterprise Company (Shams) has signed a non-binding memorandum of understanding (MoU) with Shuaa Capital Saudi Arabia to acquire three hotels in the Kingdom for a total value of SAR 735 million, excluding real estate tax.
The hotels are operated and managed by Rotana Hotel Management Corporation, while being owned by the hospitality funds of Saudi Shuaa Capital, according to a recent bourse disclosure.
The potential deal includes the 100%-acquisition of the four-star hotels Centro Waha in Riyadh and Centro Shaheen in Jeddah, which comprise 290 and 252 rooms, respectively.
The third asset is Dana Rayhaan, a five-star hotel in Dammam comprising 285 keys, which is expected to open soon.
The two four-star hotels had been officially opened in 2016 and 2017.
Shams aims to diversify its business and benefit from the opportunities available in the tourism sector through this MoU.
The listed company appointed Wasatah Capital as the advisor for the deal, which will be effective for 180 days starting from the signing date on 27 February.
The procedures to implement the potential acquisition are subject to the approval of relevant authorities.
