Gulf Hotels Group (GHG) has become the owner of the Novotel Bahrain Al Dana Resort following the completion of the required conditions and the execution of the property transfer agreement with the Al Jazeera Tourism Company (AJTC).
The operational transfer of the property to Gulf Hotels Group will go into effect tomorrow (June 8th, 2023).
This was announced by SICO, a leading regional asset manager and investment bank, noting the completion of its advisory to AJTC on the sale.
Najla Al Shirawi, chief executive of SICO, said, “SICO takes great pleasure in successfully facilitating the completion of this sale on behalf of AJTC. Drawing upon our expertise in overseeing various transactions in Bahrain and the region, we have utilised our specialised advisory services to assist AJTC in the process of selling Novotel Al Dana Resort.
We are delighted to have contributed to the achievement of AJTC’s objectives and the overall success of this deal as a result of the investment banking team’s hard work and dedication.”
"The seamless sale of Novotel El Dana Resort – one of Bahrain's major hotels – to a well-established name in the hospitality market such as Gulf Hotels Group is a strategic milestone for our company that comes as part of our broader business strategy. We are confident that the operations of this key resort will continue to thrive under its new ownership," said AJTC chairman Hazem Al Mubarak.
In a separate statement, the GHG said the Novotel Bahrain Al Dana Resort will immediately undergo complete refurbishment along with the introduction of new features and leisure services, given the group’s extended expertise in hospitality management.
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