In continuation of its real estate ventures and in line with its strategic direction, Dimah Capital, a subsidiary of Al-Imtiaz Group – in addition to a group of investors – announced that it has acquired the Residence Inn Hotel in Seattle. The USD 118 million investment generates 9% annual dividends for monthly distributions, and has an expected IRR of 11.5% on the invested capital at the end of the investment period, set at four years with two extensions of one year each, as stated by Mr. Waleed Mohammad, Vice President and Head of Alternative Investment Department.

Furthermore, Mr. Mohammed stated that Dimah Capital is always keen on seizing profitable investment opportunities that guarantee rewarding profits while providing minimum risks. He emphasized that this can only be achieved through fruitful and strategic partnership with leading real estate managers in the global markets, while focusing on multi-sectors and regions with strong and stable economic performance. He added that this venture – similar to all Dimah Capital ventures – is consistent with the provisions of Islamic Sharia.

Located in the heart of Seattle and close to the Convention Center and public transport stations, the Residence Inn, Seattle is a limited service hotel newly developed in 2017. The Residence Inn comprises 302 guest rooms with various sizes and services and includes an approximately 7,000 square feet space for the business center for meetings and conferences as well as a car park to accommodate 181 vehicles.

Moreover, Mr. Mohammed noted that Dimah Capital has collaborated with its strategic partner, Stonebridge Companies – a leading hotel developer and operator managing a large portfolio of luxury brands – to acquire and manage the property.

Mr. Mohammed emphasized that Dimah Capital has always been successful and confident in its ability to achieve its objectives in the best interest of its investors. This new venture is yet another successful addition to a series of previous strong and prosperous previous deals. The most recent of which was the acquisition of a £100 million real estate portfolio in the United Kingdom and the acquisition of a diversified real estate portfolio in the United States For approximately USD 160 million.