Aitken Spence Resorts to buy Al Falaj Hotel for USD36.4 mln

Jan 27, 2016 (LBO) - Oman Hotels and Tourism Co said on Monday its shareholders have unanimously approved the RO14mn (USD 36.3 million) sale of Al Falaj Hotel to Aitken Spence Resorts (Middle East). An extraordinary general meeting (EGM), held on Sunday, decided to sell the ‘assets and business’ of the hotel, Oman Hotels and Tourism said in the disclosure to the MSM. Sri Lanka-based Aitken Spence Hotels already manages Oman Hotels’ entire portfolio, which includes: Al Falaj Hotel and Ruwi Hotel in Muscat, Al Wadi Hotel in Sohar, Sur Plaza Hotel in Sur and the luxury Desert Nights Camp in Sharqiyah Sands, the Muscat Daily reported. Oman Hotels first received a ‘non-binding offer’ for Al Falaj Hotel in October 2015. And the board of directors gave its ‘in principle’ approval to the offer. The company then said that this ‘in principle’ acceptance is subject to successful completion of requisite legal and financial due diligence by the prospective buyer culminating in a binding offer and on agreement of an appropriate transaction structure. Oman Hotels revealed the offer amount in a disclosure late last month. In a separate disclosure, Oman and Emirates Investment Holding Co, which holds a 31.2 per cent stake in Oman Hotels, confirmed the deal. In a Colombo Stock Exchange filing, Aitken Spence Hotels International which is a subsidiary of Aitken Spence said it is to acquire a four star hotel in Muscat. The company said its offer to acquire Al Falaj Hotel in Muscat, Oman for 14 million Omani Riyals has been accepted by Oman Hotels and Tourism Company, owners of the said hotel. Al Falaj Hotel has been under management of Aitken Spence since 2008, together with four other hotels including the luxury Desert Nights Camp rated as one of the top ten desert retreats in the world.