Adeer auctions Razon Al Musk hotel in Makkah for SAR 593.3M

Adeer Real Estate Co. announced the sale of Razon Al Musk hotel towers in Makkah, owned by Al Ahli Diyafa Real Estate Co., through a public auction held in Jeddah on Oct. 22.

The property sold for SAR 593.3 million, Adeer said in a statement to Tadawul.

The transaction is expected to have a positive impact on the company’s financial results upon the transfer of ownership to the buyer, pursuant to which Adeer will collect commission fees.

Adeer also confirmed that the success of this auction is part of the company’s ongoing achievements in marketing and selling land and properties.