Saudi's Dur, Marriott ink deal for two hotel projects

Dur Hospitality Co is investing $80m in hotel and executive apartments in Diplomatic Quarter in Riyadh
Saudi's Dur, Marriott ink deal for two hotel projects
Alex Kyriakidis, president and managing director of Marriott International in the Middle East and Africa
By Andy Sambidge
Mon 08 Dec 2014 06:50 PM

Dur Hospitality Company, previously known as Saudi Hotels & Resorts, said on Monday it has signed an agreement with Marriott International to operate two properties in Riyadh.

The deal will see Marriott run a 80-unit Marriott hotel and a 140-unit Marriott executive apartments property, which both are currently under development by Dur in the Diplomatic Quarter of the city.

The announcement is a milestone investment for Dur as it will be the first time that internationally branded hotels will open their doors in the Diplomatic Quarter.

Due to open in 2017, both properties will be operated and managed by Marriott International under a long-term agreement with Dur Hospitality Co.

Abdullah bin Mohammed Al-Issa, chairman of Dur, said: "We are quite sure that famous Marriott trademark will achieve new highest standards of the hospitality services in the Diplomatic Quarter, and will attend the increasing demand of the business executives and tourists in the region."

Dr Badr bin Hmoud Al-Badr, CEO of Dur Hospitality, said the company was investing about SR300 million in developing the two properties.

Alex Kyriakidis, president and managing director of Marriott International in the Middle East and Africa, said: "We see huge potential for growth in hospitality sector associated with the overall Saudi economic development, and surely benefited from the Saudi government's efforts to drive tourism growth with the deregulation of air travel, expansion projects in the holy cities (Makkah and Madinah), as well as the infrastructure development projects."

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