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Wed 30 Dec 2015 01:46 PM

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$104m loan deal agreed for Marriott hotel in Muscat

Oman's Omran signs agreement with Bank Sohar to finance construction of hotel linked to upcoming convention centre

$104m loan deal agreed for Marriott hotel in Muscat
An artists impression of the Oman Convention & Exhibition Centre Precinct.

Oman Tourism Development Company (Omran) and Bank Sohar signed a deal worth $104 million to finance the building of the JW Marriott Hotel project in Muscat.

The new hotel will be located within the upcoming Oman Convention and Exhibition Centre (OCEC) which will form part of the new Al-Irfan City project developed by Omran.

Omran acting CEO Ali Rasbi said: “The agreement was part of the financial model pursued by Omran whereby private institutions work hand-in-hand with the government on commercial projects.

“This development, once completed, will stand as the most prestigious and exclusive of the quartet of hotels planned for the OCEC precinct. The hotel will offer unprecedented levels of luxury, class and service whilst adding significant guest capacity to the hospitality offering in OCEC as well as Muscat as a whole.”

The new hotel will be a five star property, with a total of 304 keys, plus food and beverage outlets, meeting facilities and a health and leisure club.

The new deal signed this week follows an OR30.6 million agreement made in September with Bank Sohar to finance the Crowne Plaza Hotel development, which will also be located within the OCEC.

The completed OCEC complex will include a total of four hotels, a business park, a retail shopping mall, plus the Convention Centre Precinct. The OCEC project is currently expected to open in 2016, while the JW Marriott hotel is expected to be completed in 2017.

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