Al Hokair Group inks leasing deal for Jabal Omar Marriott Hotel

11/06/2017 Argaam

Abdulmohsen Alhokair Group for Tourism and Development Co. (Al Hokair Group) signed on June 9 a 15-year leasing agreement with Jabal Omar Development Company (Jabal Omar) for the Jabal Omar Marriott Hotel.

 

The five-star hotel overlooks the Grand Mosque in Makkah and has 426 rooms and suites, Al Hokair Group said in a statement to Tadawul on Sunday.

 

The value of the agreement was not disclosed.

 

Financial impact is expected to appear on Q2 results, the statement said, adding that the deal has no related parties.

 

In a separate statement, Jabal Omar said its contract with Marriott Hotels and Resorts will be transferred to Al Hokair Group and the brand name of the hotel will remain unchanged.
 
The deal is expected to have a positive financial impact on Q4 results, the developer added.

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