Dur Hospitality buys 10% stake in Saudi Hotel Services

19/04/2015 ِArgaam

Dur Hospitality bought a 10 percent stake in Saudi Hotel Services Co. from the National Commercial Bank for SAR 10.5 million to expand into the business of hotel development and luxury residential compounds, the company said in a statement to the Saudi bourse, Tadawul.    

 

The purchase brings Dur's stake in Saudi Hotel Services to 50 percent. The impact of the deal, which was financed form the company’s own resources, will be reflected in fourth quarter results. 

 

Saudi Hotel Services owns the 304-room, five-star Riyadh Palace hotel in al-Moraba area in Riyadh.

 

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