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Mon 30 Apr 2012 12:27 PM

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Al Khozama to invest US$140m in hotel projects

Saudi firm says money will be pumped into refurbishments and expansion plans

Al Khozama to invest US$140m in hotel projects
The Al Khozama Centre in Riyadh will be converted into a four-star deluxe property.

Saudi property management firm Al Khozama Management
Company is to invest more than US$140m expanding its hospitality operations in
kingdom, it was announced on Monday.

The Riyadh-based commercial property development company
plans to build new hotels and refurbish some of its existing properties in the
Saudi capital, it announced at this year’s Arabian Travel Market (ATM)
exhibition in Dubai.

As part of the plans, the Al Khozama Centre in Riyadh
will be converted into a four-star deluxe property, replacing the existing
hotel which was opened in 1978.

Work on the refurbishment will begin in 4Q2012, in time for an official opening towards the end of 2014.

The new hotel will consist of 215 rooms and suites, an all-day dining restaurant
and a state-of-the-art fitness centre.

As part of the US$140m investment, the Rosewood-managed,
five-star Al Faisaliah Hotel-North will undergo an extensive year-long
renovation, starting this June.

“Our investment in new and existing hotel projects in the
kingdom demonstrates Al Khozama’s continued commitment to the growth of Saudi
Arabia’s hospitality industry," said HH Prince Bandar Bin Saud Bin Khalid, chairman of Al
Khozama Management Company.

strategy remains focused on setting new benchmarks within the sector and the
international awards for excellence we continue to receive for our properties
are testimony to our leading position in the Kingdom of Saudi Arabia and
beyond," he added.

The company also operates a number of hotels in other
Saudi Arabian cities, including the Al Shohada Hotel in the holy city of
Makkah, the Hotel Al Khozama - Madinah and the Al Faisaliah Hotel Madinah.

The company is also scheduled to announce a new
hotel in Jeddah soon.

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