Riyadh – Mubasher: Al Tayyar Travel Group Holding board of directors approved on Sunday the acquisition of five-stars Mövenpick Hotel City Star in Jeddah for SAR 260 million.
The company said that it will pay for the purchase over three phases: SAR 60 million when property transfer is completed, followed by SAR 100 million after 12 months and SAE 100 million after 24 months.
The deal will be on table in the next general meeting so as Nasser bin Aqeel Al-Tayyar, the indirect owner of the hotel who is also a board member at Al Tayyar, add his signature to the acquisition agreement.
This move is aiming at supporting the company’s strategy to diversify sources of income and expand its business activities.
