Action Hotels (AHCG), the owner, developer and asset manager of branded economy and midscale hotels in the Middle East and Australia, has updated that “a memorandum of understanding has been signed with leading hotel operator Accor for the management of a new 160 room ‘Novotel’ hotel which will be built in the prime business district of Sharq in Kuwait City”. This is in addition to the pipeline of hotels announced at the time of IPO in December and makes the shares look cheap
Action has fully funded pipeline which will increase Action’s room count to around 2,500. This further hotel – on which construction is scheduled to commence in the first half of next year, with completion expected in 2017 – will take the room count to 2,660.
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