Dur to spend SAR 120 mln on expanding Makarem Riyadh Hotel

Dur Hospitality Co plans to spend SAR 120 million on upgrading and expanding the Makarem Riyadh Hotel after the Saudi Civil Aviation Authority agreed to extend its current contract by 20 years, effective 2016, the company said in a statement to the Saudi bourse.

Under the agreement, Dur will rebrand the airport hotel, increase its room capacity to 348 from 248, and build a health club as part of the company’s new strategy to partner with international name brands and upgrade its hotel and residential complexes.

Dur said it plans to finance the project through credit facilities, while adding that financial impact should reflect “positively” on Q1-2019 results.

Makarem Riyadh Hotel is a 5-star hotel within five minutes driving distance from King Khalid International Airport.