BAAN Holding Group Co. — Capital/Financing Update 2016

Dec 15, 2016

Abdulmohsen Al Hokair Group Announces the signing of a Franchise Agreement with Marriott International for a new Hotel and Resort Courtyard by Marriott in Khobar - Al Aziziah

1820 · 15/12/2016 08:24:12 · Announcement #44781 · View on Saudi Exchange

Abdulmohsen Al Hokair Group Announces the signing of a Franchise Agreement with Marriott International for a new Hotel and Resort Courtyard by Marriott in Khobar - Al Aziziah

Abdulmohsen Al Hokair Group is pleased to announce to its respectable shareholders that a franchise agreement has been signed on 14-12-2016 with Marriott International for a New Hotel and Resort Courtyard by Marriott (under construction) in the city of Al Khobar-Al Aziziah. Construction works of the Hotel/Resort have already been launched on 14-12-2016 within the frame of a development and leasing agreement between Abdulmohsen Al Hokair Group and M/s. Mazen Al Saeed Holding. The hotel building will be completely developed by the Owner of the property, M/s. Mazen Al Seed Holding, which includes (147) hotel rooms and suites, multipurpose hall, health club and a swimming pool. Also the agreement includes a rental contract to lease the Hotel to Abdulmohsen Al Hokair Group for period of (17) years which will come to effect from the date of receipt of the hotel building. Hotel/Resort operation is expected by the last quarter of the year 2018 and the financial impact of the operation will be announced in due time. Noting that this contract is not with a related party. The development and construction cost of the Hotels and Resort will be arranged by the owner of the property, M/s. Mazen Al Seed Holding and any future developments will be announced in due time.

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