Anaam International sells hotel for SAR 19.11M

Anaam International Holding Group announced selling Hyatt Al Fursan Hotel Al Qurayyat in Al-Jouf region to Khaled Mustafa Mohamed Moneim for SAR 19.11 million, according to a statement to Tadawul.  

The buyer agreed to purchase the hotel, including all its assets and liabilities, and accepted the property in its current condition.

Both parties agreed that the full value will be paid in annual installments, while providing a mortgage for a group of land plots and a real estate property equal to the value of the sale deal. They also agreed that electronic promissory notes for all payments will be provided, in addition to a reserve guarantor for the deal.

Both parties also agreed to make an advance payment at SAR 1.5 million before signing the contract. The remaining value amounting to SA 17.6 million will be paid in four equal annual installments at SAR 4.4 million, with the first payment due on July 30, 2025, and the remaining three payments due on the same date of each subsequent year.

The buyer shall issue four bonds with a reserve guarantor representing the annual payments due at SAR 4.4 million for each bond.

The buyer shall provide a mortgage to the first party as additional security for the sale value, which consists of three plots of land and a real estate property.

The deal aims to finance the company’s business activities and boost liquidity.

The company bought the hotel in Dec. 2021 for SAR 16.5 million, and the last valuation of the hotel was issued on June 30, 2024, at SAR 19.6 million.

In Sept. 2021, the company signed a contract to sell the lands of the Al-Jouf project to Khalid Moneim for an amount of SAR 85 million. The land, spans 100 million square meters, consists of 55 plots of land, as well as all equipment, machinery, buildings and cars in the Al-Jouf project, data compiled with Argaam showed.