SHARCO Plans to Invest SAR 1.5 bln in Seven Years

Saudi Hotels & Resort Areas Co. (SHARCO), which recently changed its company name to Guest Houses, plans to invest SAR 1.5 billion over the next seven years, said Abdullah bin Mohamed Al-Issa, board chairman.

The company seeks to expand in the development of category three and four-star high-end residential complexes and hotels.

This will include investments in 20 hotel facilities and six apartment complexes over the next seven years.

“We are moving towards building new partnerships and alliances with global brands in the field of hotel services,” Al-Issa said in a statement.

He pointed out that the expansion plan aims to increase the company’s revenues at a rate of three-fold to 1.5 billion a year in 2023.

The company will depend on the financing of future projects from its cash flow and operations, in addition to bank loans, he added.