Action Hotels has completed the profitable sale of the company’s undeveloped investment land at Sharq, Kuwait.
The company has agreed the sale of the Sharq site to Action Real Estate Company for a cash consideration of approximately $14.6m, which it has received, representing the crystallisation of a total profit on the sale of approximately $2.2 million based on the original purchase price in June 2014 of $12.4 million.
The land was last valued on 31st December 2015 by Hamptons International at approximately $13.6 million (a valuation that was re-confirmed on a fair value basis by Hamptons on 20 October 2016).
The proceeds will be reinvested and will help to fund the Company’s growing pipeline of hotels in the Middle East and Australia including the recently announced development in Melbourne.
Story provided by StockMarketWire.com