Riyadh – Mubasher: Alandalus Property Company announced the completion of the the construction and electromechanical works of its fully-owned Staybridge Suites Jeddah Alandalus Mall.
The company seeks to start the operation of the hotel in the next few weeks, while the financial impact is expected to appear in the second quarter of 2017, with a six-month delay compared to the original prospectus.
Alandalus is currently doing the final test for hotel operator, InterContinental Hotels Group (IHG), ahead of delivering it, according to a bourse filing on Tuesday.
The total cost of the project reached SAR 139 million, including SAR 14 million in financing charges. The cost rose to SAR 125 million compared to the estimated SAR 121 million in the original prospectus.
