Taiba to acquire Rotana Centro hotels in Riyadh and Jeddah from Shuaa for $87m

Taiba Investments is targeting the hospitality and real estate sectors. (Supplied)

• The proposed deal covers the Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah

RIYADH: Saudi Arabia’s Taiba Investments has struck an initial agreement to acquire two hotels in the Kingdom from Shuaa for SR328 million ($87 million).
The proposed deal covers the Centro Waha Hotel Riyadh and Centro Shaheen Hotel Jeddah, the company said in a Saudi stock exchange filing on Thursday.
The plan is “in line with the Taiba’s strategic direction to focus on real estate investment and development and as part of its efforts to avail of attractive real estate investment opportunities in various cities of the Kingdom,” it said in the statement.
Hotel operators across the region are emerging from their worst ever year as the pandemic forced them to close their doors and lay off staff. Now the industry is recovering as occupancy improves and leisure travel resumes.
Taiba said it would finance the buyout transaction through loan finance.