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.
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Dur’s Projects Under Construction |
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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 |
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H1 2018 |
42 months to complete |
Affordable hotel, shops |
Development of Al-Jubail Hotel |
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Projects Under Study |
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Details |
Project |
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Adding 107 luxury hotel rooms to Makarim Annakheel Hotel located in North Obhor, Jeddah |
Expansion of Makarim Annakheel Hotel & Resort |
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Adding 60 luxury hotel rooms to Makarim Tabuk Hotel |
Expansion of Makarim Tabuk Hotel |
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Developing Al-Hada Residential Complex project in Riyadh; consists of 157 apartments |
Development of Al-Hada Residential Complex |
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