Dur Hospitality says Marriott Hotel projects set to be complete in 2018

Saudi Arabia’s hotel management firm Dur Hospitality said it expects its SAR 300 million flagship Marriott Hotel project to be finalized by 2018.

The company also said the projects of Darraq- third phase and Makarim Annakheel Hotel renovation will help bolster its financial statements in the second quarter of the year.

Dur’s revenues jumped 11 percent year-over-year in 2014. However, net profit dropped 27 percent to SAR 104 million (SAR 1.04 earnings per share) as compared to a year earlier.

The decrease is attributed to the impairment of the book value remaining from the entertainment sector at a total of SAR 50.8 million.

The bourse-listed company said in December that it inked a deal with Marriot International to build an 80-unit hotel, and a 140-unit executive apartment complex in the diplomatic quarter of Riyadh.

Dur’s Projects Under Construction
Financial result	Due time	Details	Project
Q2-2015	May 2015	102 villas, 35 apartments inside Embassy district	Darraq-third phase
Q3-2016	H1- 2016	45 villas, 10 apartments inside Embassy district	Darrac- fourth phase
Q2-2015	Hotel has been refurbished. Villas, apartments still pending	Renewal of 133 villas, apartments	Renewal of Makarim Annakheel Hotel & Resort
Start of 2018	36 months to complete	5-star hotel includes 80 rooms, 140 hotel apartments	Development of Marriott Hotel in Embassy district
H1 2018	42 months to complete	Affordable hotel, shops	Development of Al-Jubail Hotel

Projects Under Study
Details	Project
Adding 107 luxury hotel rooms to Makarim Annakheel Hotel located in North Obhor, Jeddah	Expansion of Makarim Annakheel Hotel & Resort
Adding 60 luxury hotel rooms to Makarim Tabuk Hotel	Expansion of Makarim Tabuk Hotel
Developing Al-Hada Residential Complex project in Riyadh; consists of 157 apartments	Development of Al-Hada Residential Complex

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Most Read

Popular Links

Quick Links

About Us

Join Us

Follow Us