Banan renews Voyage Hotels contract for 5 years at SAR 23M

27/12/2023 Argaam
Logo ofBanan Real Estate Co.

Logo of Banan Real Estate Co.

Banan Real Estate Co. renewed today, Dec. 27, the lease contract for Voyage Hotels in Al-Oruba district, Riyadh, for five years with Intercontinental Hotels Co. (IHC). The annual lease value was raised by 14% compared to the previous period.

 

The contract is valued at SAR 23 million, inclusive of VAT, with an annual lease of SAR 4.6 million, inclusive of VAT, to be paid in bi-annual instalments starting on Jan. 1, 2024, and ending on Dec. 31, 2028, Banan said in a statement to Tadawul.

 

The contract is expected to have a positive financial impact on the company’s revenues and financial results starting in Q1 2024.

 

Vice Chairman Ahmed Alhakbani and board member Faisal Alhakbani are related parties, Banan added.

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