Al Hokair Group Completes SAR 38 Million Acquisition of Novotel Hotel Asset

Abdul Mohsen Al Hokair Group for Tourism and Development announced on Wednesday the successful acquisition of the Novotel Hotel, building, and suites located in Riyadh. The purchase, valued at 38 million Saudi riyals, was financed through external means, with the building already being leased by the Group. Situated on the prominent Olaya Street, the hotel features 115 rooms and suites, along with various amenities such as meeting rooms, a café, and a health club. This strategic move aligns with the Group’s objective of bolstering its asset portfolio and enhancing its financial standing through real estate ownership. The financial impact of this acquisition is anticipated to commence in the first quarter of 2024.