“Dur Hospitality” establishes a hotel in Riyadh at an estimated cost of SAR 300m

Dur Hospitality Company, previously known as Saudi Hotels & Resort Areas, said that it will start its hotel project in Riyadh in the second quarter of 2015 at an estimated cost of SAR 300m.
 

The project is expected to be delivered in 36 months and will be financed from the credit obtained from Riyad Bank amounted to SAR 308m; the company said in a filing to Tadawul.

According to Argaam; Dur Hospitality signed yesterday a deal with Marriott International to operate the hotel being developed in Riyadh’s diplomatic quarter.

Marriott will operate an 80-unit hotel and a 140-unit executive apartment complex in the Kingdom.