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Shuaa Capital Saudi Arabia will soon start work on an SR 500 million hotel following the purchase of a prime piece of land in Jeddah.
The plot on Jeddah’s seaside corniche will host a 35-storey, 140 metre-tall tower with 250 hotel rooms and 150 serviced apartments. The hotel will be managed by Rotana Hotel Management Corporation.
The land was acquired by the Shuaa Saudi Hospitality Fund I, a private investment fund with a target size of SR 2 billion.
"Our goal is to start developing the property at the fastest pace possible and to the highest quality standards,” said Omar Al Jaroudi, CEO of Shuaa Capital Saudi Arabia.
“We are also committed to contributing to the society by creating job opportunities for Saudi nationals.”
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