Dur Hospitality Company announces the signing of a Letter of Award with Ibrahim Asmael General Contracting Establishment (IAGC) on 02 January 2017 to start constructing a hotel in Jubail industrial city, where the contract value amounts to SAR (47,126,293). The hotel would be developed on two land plots leased from Royal Commission for Jubail and Yanbu (RCJY) with a total area of (10,041) square meter. And it will have (144) hotel rooms and suits. The hotel will be also including a number of restaurants, multi-function halls, a business center, a health club, an outdoor pool and parking lots. Dur Hospitality Company will manage the hotel under (Holiday Inn) hotel brand within the franchise agreement signed with Intercontinental Hotels Group (IHG). The project construction period would last for (20) Gregorian months starting from the signing of this LOA.
This project comes in line with the Company strategic transformation plan that targets to expand with the development of hotels and luxurious residential compounds inside the Kingdom. It is expected that the positive financial impact of this project would start during the second quarter of 2019. The project would be financed from both the internal resources of the Company and bank loans. It is worth mentioning that IAGC is not a related party.
