Jabal Omar terminates leasing contract with Al Hokair Group for Jabal Omar Marriot

03/11/2019 Argaam

 

Jabal Omar Development Company has terminated a SAR 500 million lease contract for Jabal Omar Marriot Hotel in Makkah with Abdulmohsen Alhokair Group for Tourism and Development Co. (Al Hokair Group) by mutual consent, the firm said in a bourse statement.

 

The step will have a positive impact on Jabal Omar’s financials of FY 2019. The hotel will be operated by Mariott International Inc.

 

The contract termination was requested by Al Hokair Group as the hotel did not achieve the desired objectives, adding that it will have a positive impact on the company’s financials starting from 2020, the company said in a separate statement.

 

In June 2017, Al Hokair Group inked a deal with Jabal omar to lease Jabal Omar Marriot Hotel in Makkah for 15 years, Argaam reported earlier.

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