Saraya Aqaba purchases additional land to extend its area for development
Saraya Aqaba Real Estate Development psc has announced the closure of a deal with the Jordanian Holiday Hotels Limited Company for the purchase of the land and buildings on which the Radisson SAS Aqaba Hotel is currently located.
The deal allows Saraya Aqaba to benefit from approximately 17 thousand additional square meters, expanding the total area of the Saraya Aqaba project and extending its coastline boundaries. Jordanian Holiday Hotels Limited will continue to operate and manage the ‘Radisson SAS’, which will remain open for tourists and visitors until July 30, 2006 after which Saraya Aqaba will take ownership of the land and buildings and start redeveloping the site.
Dr. Khalid Wazani, General Manager of Saraya Aqaba, stated: “The announcement of this deal comes as part of Saraya’s strategy of transparency in all areas of our business.” He added: “We will add this land to our project and redevelop the buildings to use it in the most appropriate way, in order to complete our mission to develop and create a world class destination in Aqaba and provide facilities which meet the demands of leisure and business travelers and homeowners, as well as benefiting the local community of Aqaba.”
Saraya Aqaba is located on the western tip of Aqaba on a space of approximately 610,000 square meters. The project is based around a man-made lagoon and will be delivered in 2009. Saraya Aqaba will contain five 5-star hotels, and provide around 1,500 hotel rooms for visitors to Aqaba.
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