Riyadh-Mubasher: Dur Hospitality has purchased 3,850 square meter land on Al Madina Road, Jeddah, at a total value of SAR 43.4 million, the company said in a statement to the Saudi bourse on Tuesday.
It added that the land will be used for establishing and developing a new hotel with hotel apartments.
The move comes in line with Dur's investment strategy to develop three and four-star hotels.
The deal will be financed from the company's cash resources, Dur added.
