Barwa sells two properties to Katara Hospitality
Sale and Purchase agreement of the assets to be finalised by June 2012, developer says
Qatari real estate developer, Barwa, has signed a $300m agreement to sell two hotels and a health club building in Doha to Katara Hospitality.
Built on a total area of 52,305m2, the first asset, the 25-storey Somerset Serviced Residencies, comprises 200 hotel apartments and is currently being managed by Singapore-based Ascott International.
The second property, Barwa al Sadd Hotel covers a land of 28,330m2 on Doha’s Suhaim Bin Hamad Street. The hotel consists of 18 floors in addition to two basements and a ground floor.
Barwa said it would deliver the Barwa al Sadd Hotel within the next few months, as it is expected to be completed by the second quarter of 2013.
The two firms said the sale and purchase agreement (SPA) of the assets would be finalised after agreeing to all terms and conditions of the deal by June 2012.
