Al Anwar Holdings SAOG has entered into a hotel management agreement with Accor Hotels to develop the four-star Novotel Muscat –– Azaiba in Oman.
The total development cost of the project is estimated to be around $30m (OMR11.5m) and will be funded by an optimum mix of debt and equity. This will be the company’s first venture into the Omani tourism market.
In a statement to the Oman bourse, Sanjay Tiwari, chief executive officer of Al Anwar Holdings, said: “We have initiated the project planning and will have further updates on the status of the project in due course.”
Al Anwar Holdings SAOG will form a wholly owned subsidiary under the name of Al Anwar Hospitality SAOC to which the agreements with Accor Hotels and the land ownership will be transferred as soon as the company is incorporated and the related procedures are completed.
“We expect the project would add significant value to AAH investment portfolio and would diversify the income stream for AAH,” Tiwari added.