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Banan Real Estate Co. Announces the renewal of the contract of Voyage Hotel with International Hotels Company


Element List Explanation
Introduction Banan Real Estate Company announces the renewal of the contract for Voyage Hotels in Al-Oruba district in the city of Riyadh. For a period of five years with International Hotels Company.
Date of Announcement of the Award 2024-01-01 Corresponding to 1445-06-19
Contract Subject Matter Renewing the lease contract for the Voyage Hotel in the Al-Orouba district in the city of Riyadh for the International Hotels Company,with an increase in the annual rent value by 14% over the previous period.
Date of Signing the Contract 2023-12-27 Corresponding to 1445-06-14
Contract Value 23,000,000
Contract Details Renting Voyage Hotel in Al-Oruba district in Riyadh, which is fully owned by Banan Real Estate Company.  The total contract value is 23,000,000 riyals, including value added tax. An annual rent of 4,600,000 riyals, including value-added tax, paid in two installment every year. The lease period begins on 01/01/2024 corresponding to 19/06/1445H, and ends on 31/12/2028 corresponding to 15/08/1450H.
Contract Duration 5 Years.
Financial Impact and the Relevant Period It is expected that this contract will have a positive financial impact on the company’s revenues and results starting from the first quarter of the fiscal year 2024.
Related Parties Vice Chairman of the Board of Directors Ahmed Abdurahman Abdulaziz AlHagbanI  Member of the Board of Directors Faisel mohamed abdulaziz AlHagbanI