Riyadh – Mubasher: Adeer Real Estate Company has officially entered into an exclusive brokerage agreement with Al Nubalaa International Real Estate Investment Company Limited to manage the marketing and sale of the Millennium Hotel in Makkah, according to a bourse filing.
The contract was signed on 27 June 2026 to grant Adeer the sole rights to facilitate the divestment of the hospitality asset, which is situated in a prominent location within the holy city.
This strategic mandate is expected to contribute significantly to the company’s revenue stream over the coming fiscal periods.
The Millennium Hotel is a substantial hospitality development located in the Al Misfalah district on Ibrahim Al Khalil Road, a high-traffic area in Makkah catering to pilgrims and visitors.
The property comprises 850 rooms and suites, representing a significant inventory in the local hospitality market.
Under the terms of the agreement, the scope of the sale is comprehensive, encompassing all buildings, structures, equipment, and facilities.
Furthermore, the transaction includes all associated rights, privileges, licenses, and attachments linked to the hotel property.
According to the regulatory filing, the contract has a fixed duration of six months, commencing from the date of execution. During this period, Adeer Real Estate will leverage its marketing infrastructure and investor network to identify a suitable buyer for the asset.
The exclusivity of the contract ensures that Adeer remains the sole intermediary for the transaction, centralizing the sale process and the negotiation of terms on behalf of Al Nubalaa International.
Financial projections provided by the company indicate that the value of this contract is estimated to be approximately 10% of Adeer Real Estate’s total annual revenues, based on the company’s most recent audited annual financial statements.
While the exact commission or fee structure was not disclosed in absolute figures, the company confirmed that the financial impact is expected to be positive. This impact will be officially recognized in the company’s financial results following the successful completion of the sale and the subsequent collection of the agreed-upon professional fees.
Adeer Real Estate has confirmed that there are no related parties involved in this transaction, ensuring that the agreement was reached on an arm's length basis. The company’s appointment for this high-capacity asset highlights its ongoing role in the Saudi real estate brokerage sector, particularly within the specialized market of Makkah.
The successful execution of this sale within the six-month window would represent a notable milestone for the company’s brokerage division and its broader financial performance for the 2026 fiscal year.
Earlier in June, Adeer Real Estate collaborated with Areeb Al Mutatawirah Real Estate Company for anoher mixed-use development in Makkah.
