Leading blue-chip conglomerate Aitken Spence is in the green to purchase Al Falaj Hotel in Oman, which it had managed up to now, for 14 million Omani rials, foreign news reports said.
According to Oman-based Muscat Daily, the shareholders of Oman Hotels and Tourism Co. held an Extraordinary General Meeting on Sunday and unanimously approved the sale of the hotel’s assets and business to Aitken Spence Resorts (Middle East). 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 was 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. Aitken Spence Hotels manages Oman Hotels’ entire portfolio, which include 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, which represents its entire presence in hospitality in the country.
Oman and Emirates Investment Holding Co, which holds a 31.2 percent stake in Oman Hotels, confirmed the deal.