Alhokair Group buys SAR 38M hotel in Riyadh

14/02/2024 Argaam
Alhokair Group headquarters

Alhokair Group headquarters

Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) completed on Feb. 13 the purchase of Novotel Hotel and Suites in Riyadh for SAR 38 million.

 

Alhokair Group obtained financing to pay the asset value, it said in a statement to Tadawul, noting that the building has been already rented by the group.

 

The hotel is located on Olaya Main Street, Riyadh. It comprises 115 rooms and suites, a number of meeting rooms, a café, and a health club.

 

The financial impact of this acquisition is expected to show in Q1 2024. The move aligns with the group’s strategy to enhance its assets and financial position by acquiring real estate.

 

There are no related parties to the deal, the statement added.

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