Riyadh – Mubasher: Dur Hospitality Co. signed two letters of intent on Wednesday 17 August with Dar Al Hijrah Co. for Development and Real Estate Investment.
The agreements entitle Dur to operate two new hotels in Dar Al Hijrah project in Madinah city over a15-year period starting from the operational opening, according to a bourse fling on Thursday.
The first hotel will include 614 hotel rooms and apartments and will be operated under Makarem brand, the Saudi hotel brand established by Dur.
The second hotel will include 380 hotel rooms and apartments and will be operated under the Courtyard by Marriott brand, to be the second Marriott to be operated by Dur within the franchise agreement signed in April.
Dar Al-Hijrah will develop the two hotels within the project in Madinah city, which is located within three kilometres south-west of Al Masjed Al Nabawy.
Financial impact of the project will appear on the company's results in the fourth quarter of 2018, after the operation of the two hotels, which Dur expects to be positive.
