Alandalus completes construction of SAR 139 mln Jeddah hotel

14/02/2017 Argaam

Alandalus Property has completed the construction of its wholly-owned Staybridge Suites Jeddah Alandalus Mall, the company said in a statement to Tadawul on Tuesday.

 

The total cost of the project reached SAR 139 million, including SAR 14 million in financing charges.

 

Commercial operations at the new facility are likely to begin over the next few weeks.

 

Alandalus added that it expects the financial impact to show in Q2-2017, a delay of six months when compared to the original prospectus.

 

Meanwhile, Alandalus is currently testing the hotel ahead of delivering it to InterContinental Hotels Group (IHG), the hotel operator.

 

Staybridge Hotel Mall was originally scheduled for launch in Q3-2016, according to the company’s prospectus.

 

The cost of the new shopping center and surrounding facilities had been earlier estimated at SAR 121 million, excluding financing charges.

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