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Barwa sells Al Sadd Recreational Centre to Katara Hospitality for QR81mn
(MENAFN- Gulf Times) Barwa yesterday said it has completed the sale of its Al Sadd Recreational Centre to Katara Hospitality for QR81mn.
Barwa Al Sadd, a subsidiary of Barwa Real Estate, along with Katara Hospitality, have concluded signing the sale contract of the Barwa Al Sadd Recreational Center, a Barwa spokesman said in a communiqué to the Qatar Stock Exchange.
Barwa Real Estate had informed the Qatar Financial Market Authority and bourse in 2012 that it has signed a Memorandum of Understanding with Katara hospitality regarding the sale of Barwa Al Sadd Hotel, its Recreational Center, and Somerset Hotel for a total value of QR1.1bn.
Barwa has received this sale amount in 2012, and the financial impact of this transaction has been reflected in the financial statements for the period ended December 31, 2012.
"Moreover, there is no additional cash flow or any impact on the financial position of Barwa as a result of this new contract," the spokesman said.
As part of its operational activities as a developer, Barwa intended to sell the hotels to a specialised hospitality and hotel management company after the completion of their development opening the chances for new developments and investments.
Barwa Al Sadd, a subsidiary of Barwa Real Estate, along with Katara Hospitality, have concluded signing the sale contract of the Barwa Al Sadd Recreational Center, a Barwa spokesman said in a communiqué to the Qatar Stock Exchange.
Barwa Real Estate had informed the Qatar Financial Market Authority and bourse in 2012 that it has signed a Memorandum of Understanding with Katara hospitality regarding the sale of Barwa Al Sadd Hotel, its Recreational Center, and Somerset Hotel for a total value of QR1.1bn.
Barwa has received this sale amount in 2012, and the financial impact of this transaction has been reflected in the financial statements for the period ended December 31, 2012.
"Moreover, there is no additional cash flow or any impact on the financial position of Barwa as a result of this new contract," the spokesman said.
As part of its operational activities as a developer, Barwa intended to sell the hotels to a specialised hospitality and hotel management company after the completion of their development opening the chances for new developments and investments.
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