Riyadh-Mubasher: Dur Hospitality Co. signed on Tuesday a memorandum of understanding (MoU) with the Saudi Civil Aviation Authority to develop and lease Makarem Riyadh Hotel, which includes extending its current contract by 20 years, effective 2016, the company said in a filing to Tadawul.
Dur will increase the hotel capacity to 348 rooms from 248, and build an integrated spa, as part of the company’s new strategy to partner with international brands and upgrade its hotel and residential complexes.
The development cost is estimated at SAR 120 million, to be financed from credit facilities, the statement added.
The relevant financial impact will be reflected on the company’s revenues as of Q1-19.
