Riyadh-Mubasher: Dur Hospitality Co. said it has awarded India-based Shapoorji Pallonji a SAR 259 million contract to build a new Marriott hotel in Riyadh's Diplomatic Quarter.
The project, which will be constructed over the next 24 months, will be funded by a SAR 308.8 million loan from Riyad Bank, the company said in a filing to the Saudi bourse on Sunday.
The hotel will consist of 80 hotel rooms and 140 luxury apartments. It will be managed by Marriott International.
Dur expected a positive financial impact from the project, which will appear in the first quarter of 2018, the filing added.
