Marriott International has signed a SAR 300 million (US $79.9 million) agreement with Dur Hospitality Company to operate two new properties in the Diplomatic Quarter of Riyadh.
The 80-key Marriott Hotel and 140-key Marriott Executive Apartments are currently under development in the capital and are due to open in 2017.
Commenting on the signing, Alex Kyriakidis, president and managing director of Marriott International Middle East and Africa, said: “We are very proud in our successful partnership with Dur Hospitality which has lasted for the past 35 years.
“Tourism [in Saudi Arabia] is expected to continue to grow so we are proud to both respond to this growing demand by investing in the most significant and highly targeted districts, and moreover securing for both parties positive growth in terms of revenues and profits.”
Marriott International has a target of achieving 10,000 rooms in Saudi Arabia, with 5000 allocated to the Holy Cities of Madinah and Makkah and 5000 to be outside of this area.
