Al Hokair awards Jubail hotel contract to Arcon

14/02/2016 Argaam

Abdulmohsen Al Hokair Group for Tourism & Development Co. (Al Hokair Group) has awarded the Saudi-based Omar Khalil Arnaout Contracting Establishment (Arcon) a SAR 25 million contract to build the Park Inn Jubail hotel.

 

The deal will be financed though bank credit facilities and the related financial impact will be reflected on results during the first half of 2018, Al Hokair said in a statement to Tadawul.

 

Under the terms of the 16-month contract, Arcon will handle construction and finishing work, as well as sewage services.

 

The 142-room hotel room will include a car park and a restaurant, with its total cost estimated at SAR 75 million. The 10,000 square meter development will be built on a land plot leased by the Royal Commission for Jubail and Yanbu (RCJY).

 

The hotel, which is the second for Al Hokair in Jubail, will be run by Rezidor Hotel Group.

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