Dur Hospitality Co. awarded Indian conglomerate Shapoorji Pallonji a SAR 259 million contract to build a new Marriott hotel in Riyadh's Diplomatic Quarter, the Saudi-based developer said in a statement to Tadawul.

 

The project, set to be constructed over the next  two years, will be financed by a SAR 308.8 million loan obtained from Riyad Bank.

 

The new development will consist of 80 hotel rooms and 140 luxury apartments. It will be managed by Marriott International, following the hotel's completion.

 

A positive financial impact related to the project is expected in the first quarter of 2018, Dur added.

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