Al-Tayyar Travel Group Holding Company has purchased a five-star hotel just 70 meters away from the Grand Mosque in Makkah at a cost of SR1.5 billion ($400 million), Makkah reported.
The company said the property has been vacated and the balance was paid in one go to the Notary Public's Office in Makkah on Thursday.
The hotel has 759 rooms and suites of various sizes, as well as three big restaurants spread across 24 floors. The company said it got financing reaching SR1.230 billion from the Arab National Bank that will be paid back in 20 years through half-yearly installments that will end in August 2025.
Al-Tayyar Group confirmed that the deal comes within its strategy to develop the Haj and Umrah sector, as the property is a new product among Makkah's hotels. The financial impact of the deal would happen in 2016 after a renovation of the hotel.
The Saudi Gazette