Golden Sands Hotel Company Achieves Full Ownership of Salalah Beach Resort
In a recent strategic move, the UAE-based Golden Sands Hotel Company has solidified its position as the sole owner of Salalah Beach Resort Company (SBR) by acquiring an additional 34.91% stake. The completion of this acquisition, governed by the Takeover & Acquisition Regulation of the Capital Market Authority, marks a significant milestone for both entities. Prior to this transaction, Golden Sands Hotel held a 65.09% share in SBR. The acquisition, effective December 27, 2023, positions Golden Sands Hotel Company as the 100% shareholder of the Oman-based hospitality and tourism enterprise.
Salalah Beach Resort, a key player in Oman’s hospitality sector, is renowned for operating the Hilton Salalah Resort. The acquisition was executed through the compulsory acquisition process following approval from the Capital Market Authority on October 16, 2023. This strategic move underscores Golden Sands Hotel Company’s commitment to furthering the business objectives of Salalah Beach Resort.
As part of its takeover strategy, Golden Sands Hotel Company has outlined plans to continue the ongoing operations of Salalah Beach Resort seamlessly. The company is poised to make strategic investments to enhance the resort’s offerings, including the renovation of rooms and other essential facilities. This commitment aligns with Golden Sands Hotel Company’s earlier announcement regarding its vision for the growth and development of Salalah Beach Resort.
In tandem with the ownership consolidation, Salalah Beach Resort shares will be delisted from the Muscat Stock Exchange (MSX). The conversion of SBR into a closed joint-stock company is another noteworthy aspect of this acquisition. These structural changes signify a new chapter for Salalah Beach Resort under the exclusive ownership of Golden Sands Hotel Company.
This development is expected to have a positive impact on the hospitality landscape in Oman, with Golden Sands Hotel Company bringing its expertise and resources to elevate the guest experience at Hilton Salalah Resort. The move also reflects the broader trends in the regional hospitality and tourism industry, showcasing a strategic realignment of ownership for long-term business sustainability.
In conclusion, the acquisition of Salalah Beach Resort by Golden Sands Hotel Company marks a pivotal moment for both entities. The transition to full ownership signifies a new era for the resort, with anticipated enhancements and investments that will contribute to the growth and prosperity of Oman’s hospitality sector.