Interior Hotels Co SAOG (IHC), which owns a
nd operates the Golden Tulip Nizwa property, has signed an agreement to acquire the four-star Park Inn by Radisson Muscat in Al Khuwair. As per the agreement, a ‘Sale & Purchase Agreement (SPA) was inked with Al Ahlam Hotel Management LLC, the sole owner of the Park Inn by Radisson Muscat property.
“IHC is in the process of completing the acquisition and hopes to finalise it in the near future,” it said, adding that the move would enable IHC to expand its operations and cater to a wider customer base. The sale comes just over three years into the launch of the 175-guestroom midmarket property in March 2009. The property is targeted primarily at business travellers and tourists.
IHC has been aiming to grow its portfolio on the back of the success of its flagship investment, the Golden Tulip Nizwa. Despite a challenging year for the domestic tourism sector linked to political upheavals in the wider Arab region as well as the euro zone debt crisis, Interior Hotels achieved a turnover of RO 2.211 million in 2011, which was up 14% from the previous year’s turnover of RO 1.944 million.
“The Government of Oman has continuously developed comprehensive development programmes that has helped to sustain the tourism industry and that is evident in the significant investments in tourism facilities and infrastructure thereby increasing numbers of hospitality business in the Sultanate,” the company’s Chairman stated in the annual Board of Directors’ Report for 2011.
