Jadwa Investment, fund manager of Jadwa REIT Al Haramain Fund, announced that the deeds of Tharawat Wadi Ibrahim Hotel and the restaurant building were merged into one title deed with total land area of 261 square meters (sqm).
The firm said in a Tadawul statement that the architectural designs were approved and building permits are obtained, where the approved designs optimized the allowable built-up area and resulted in an increase in the hotel rooms from 85 to 162 (a growth of 90%) and an increase in the building floors from 12 to 23 (a growth of 91%).
Currently, the two old buildings were demolished, and the development of the hotel tower commenced as it is expected to be completed before April 2022.
Any new future developments related to the redevelopment of the hotel tower will be announced by the fund manager in a timely manner.
The financial impact is expected to be positive post redevelopment in Q2 2022, the statement added.
In February 2020, Jadwa Investment announced a plan to redevelop Tharawat Wadi Ibrahim Hotel and the restaurant building, by merging the two properties and developing them into a hotel tower, Argaam reported earlier.
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