Adeer signs exclusive contract to market, sell Millennium Hotel in Makkah

Adeer says the six-month contract will likely have a positive financial impact upon completion of sale.

Adeer Real Estate Co. signed an exclusive agreement on June 27 with Al Nubalaa International Real Estate Investment Co. Ltd. to market and sell Millennium Hotel in Makkah's Al Masfalah district.

In a statement to Tadawul, the company said the contract value is estimated at 10% of its revenue based on its latest audited annual financial statements.

Adeer said the hotel comprises 850 rooms and suites.

The sale includes all buildings, structures, equipment, facilities, rights, privileges, licenses, and assets associated with the hotel.

The agreement is valid for six months from the signing date, the statement added.

The company expects the contract to have a positive financial impact upon completion of sale and collection of fees.

There are no related parties to the deal, the company added.

According to data available with Argaam, Adeer reported revenue of approximately SAR 167.98 million in 2025—10% of that amount is equivalent to about SAR 16.80 million.