Al Tayyar Travel Group [1810.SE] Board of Directors approved the acquisition of Mövenpick Hotel City Star Jeddah, a five-star hotel near King Abdulaziz International Airport, for SAR260 million, the company announced on 1 January 2016. The hotel, which is expected to commence operations in three months, includes 228 rooms and suites, eight meeting rooms, a banquet hall (capacity of up to 400 guests), two restaurants, along with other commercial facilitates. Al Tayyar will pay for the investment in three installments, to be internally financed as follows: SAR60 million on purchase, SAR100 million after 12 months and SAR100 million after 24 months. The company undertook the acquisition as part of its plan to diversify its revenue stream. The acquisition is subject to AGM approval as the hotel is indirectly owned by non-executive board member Nasser Al Tayyar. (Tadawul)