Riyadh – Mubasher: Abdulmohsen Al Hokair Group inked a franchise agreement with Marriott International on Wednesday, 14 December, for New Hotel and Resort Courtyard, according to a bourse statement.
Construction works of the new project, located in the city of Al Khobar-Al Aziziah, have already been launched on the same day, under the development and leasing agreement signed between Al Hokair Group and Mazen Al Saeed Holding.
The development is expected to be operational by the fourth quarter of 2018.
To include 147 rooms and suites, multipurpose hall, health club and a swimming pool, the hotel will be completely developed by its owner Mazen Al Saeed.
The deal includes a contract to lease the hotel to the Saudi-listed group for 17 years effective as of the receipt date.
The operation’s financial impact and the project’s development and construction cost will be announced in due time.
