Abdul Mohsen Al-Hokair Tourism and Development Group said that it signed a 20-year agreement on Tuesday to lease Radisson Blu Plaza Hotel to its affiliate Abdul Mohsen Al-Hokair for Operation and Maintenance Company.
The lease is effective on Jan 1., the company said.
The lease value is SAR 5.7 million for the first five years of the contract, and will be increased to SAR 6.84 million for the remaining period.
Radisson Blu Plaza Hotel, located in Jeddah, occupies an area of 1,500 square meters and includes 112 rooms, three meeting areas, a restaurant, café, a health club, and swimming pool.
Al Hokair Group added that the financial impact of the deal will be be reflected in Q2- 2015 results after the inauguration of the hotel.
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