Saudi- Dur Hospitality signs deal with Marriott for Riyadh hotels

(MENAFN- Arab News) Two internationally branded hotels are to be built at the Diplomatic Quarter in Riyadh. The enclave an elite district which houses the headquarters of diplomatic missions and some of the major Saudi governmental corporate and financial organizations.

Dur Hospitality Company (public company listed in the Saudi stock market) signed an agreement with Marriott International Inc. to operate an 80-unit Marriott Hotel and a 140-unit Marriott Executive Apartments which are currently under development by Dur in the Diplomatic Quarter in Riyadh.

Due to open in 2017 both properties will be operated and managed by Marriott International under a long-term agreement with Dur Hospitality Co. (previously known as SHARACO) one of the hotel developers in the Kingdom and has a huge portfolio in owning developing and operating many hotels in different cities throughout Saudi Arabia.

Upon the signing ceremony that took place at Dur's headquarters in Riyadh on Sunday Dur Hospitality Company Chairman 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.

Badr bin Hmoud Al-Badr pointed out that the investment allocated for developing the 80-unit Marriott Hotel and 140-unit Marriott Executive Apartments amounts to around SR300 million.

Alex Kyriakidis president and MD of Marriott International in the MEA said: 'We salute Dur as the most reputable company specialized in investing in the Kingdom's hospitality sector and this agreement is an additional testament to our mutual success and growth.'

The Dur Hospitality has a rich portfolio with its owned hotels worth SR2.3 billion including some attractive landmarks in Riyadh such as the 418-unit Riyadh Marriott Hotel Marriott Executive Apartments and the 216-unit Diplomat Courtyard Marriott Hotel which is located adjacent to the Diplomatic Quarter.