Strategic Internet Investments, Incorporated signed a conditional sale and purchase agreement to acquire Skytower Hotel Atayol from a group of sellers including Najibi Investment Incorporation, G7 Entertainment Incorporated, Royaltun General Trading LLC, Atayol Otelcilik Isletmecilik Turizm Insaat vd Ticaret A.S. and Soha Investment Inc. for $63 million in convertible debentures.

Strategic Internet Investments, Incorporated (OTCPK:SIII) signed a conditional sale and purchase agreement to acquire Skytower Hotel Atayol from a group of sellers including Najibi Investment Incorporation, G7 Entertainment Incorporated, Royaltun General Trading LLC, Atayol Otelcilik Isletmecilik Turizm Insaat vd Ticaret A.S. (Atayol) and Soha Investment Inc. for $63 million in convertible debentures on October 8, 2015. Under the terms of agreement, Strategic Internet Investments will purchase the property at the purchase price which is defined within the agreement to be the lower of the net appraised value of the property or alternatively, Atayol's estimated value of $50 million minus deduction of all associated Property debt. The parties have agreed that Strategic Internet Investments will upon completion of due diligence and the contemplated property valuation, finance the purchase price through the issuance of convertible debenture securities of Strategic Internet Investments with deemed value equal to the purchase price.

The convertible debentures will be issued into the name of the Special Purpose Vehicle (SPV) and delivered to a mutually acceptable escrow agent which agent will administer the convertible debenture under the terms of the convertible debenture and an escrow agreement to be implemented among the parties. Within the agreement, Atayol declares that it is the 100% owner of Skytower Hotel Atayol and has entered into a Joint Venture Agreement dated July 22, 2015 among the parties making up the seller. The JV Agreement provides that shareholders of Najibi, G7, Royaltun and Soha are to provide financial assistance to Atayol in exchange for Atayol transferring 100% of Skytower Hotel Atayol into a newly formed Special Purpose Vehicle (the “SPV') that the sellers will control by own common shares ownership.

The closing of the agreement is subject to the acceptable completion of due diligence by Strategic Internet Investments. As of August 17, 2016, Strategic Internet Investments issued $63 million in debentures to the owner of the hotel and to several strategic investors.