Riyadh – Mubasher: Abdulmohsen Al Hokair Group for Tourism and Development Company has signed a contract with Jabal Omar Development to lease the five-star Jabal Omar Marriott Hotel, Makkah, for 15 years.
Comprising 426 rooms, the hotel will be part of Al Hokair Group’s hotel portfolio, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The deal was signed on Friday, 9 June, the statement showed, indicating that the financial impact of the agreement will be positive and will be seen starting in the current quarter.
Jabal Omar said in a separate statement that the contract will be with Abdulmohsen Al Hokair Group, not Marriott Hotels and Resorts, noting that the commercial name of the hotel will remain Jabal Omar Marriott Hotel, Makkah.
In May, Al Hokair announced opening two new commercial complexes in Dammam and Makkah under the name Al Hokair Time.
Speaking at the Euromoney 2017 Conference held in Riyadh last month, Jabal Omar’s CEO Yaser Al Sharif highlighted that his company was seeking to create partnerships and expand in the coming period to make use of available investment opportunities.
