Dur Hospitality to run $79.9mn Saudi properties
Agreement signed to operate Marriott Hotel and Marriott Executive Apartments in Riyadh's Diplomatic Quarter
Dur Hospitality Company has signed an agreement to operate an 80-unit Marriott Hotel and 140-unit Marriott Executive Apartments, which both are currently under development by Dur in the Diplomatic Quarter in Riyadh, Saudi Arabia.
It will be the first time that internationally branded hotels will open their doors in the Diplomatic Quarter.
Due to open in 2017, both properties, worth a combined SR300mn ($79.9mn), will be operated and managed by Marriott International under a long-term agreement with Dur Hospitality Co.
Chairman of Dur Hospitality Company, Eng. Abdullah bin Mohammed Al-Issa, said: “This announcement has come as a result of our ongoing and well-established partnership with Marriott International since 1980. These globally recognised hotels are set to bring new levels of hospitality and service to the Diplomatic Quarter and meet the growing demands of the region’s leisure and business travelers.”
Dur Hospitality has a rich portfolio of owned hotels worth around SR2.3bn ($612.7mn), including the 418-unit Riyadh Marriott Hotel; Marriott Executive Apartments consisting of 117 units; and the 216-unit Diplomat Courtyard Marriott Hotel adjacent to the Diplomatic Quarter.