Dur Hospitality signed an agreement to purchase a majority stake in Shada Homes Company. This opportunity will expand the investment profile of Dur and will empower its position in the hospitality industry through entering the hotel apartments sector for the first time.
Under this agreement, Dur Hospitality will own 60% of Shada Homes, and will thereby transform the legal entity of Shada from a closed joint stock company to a limited liability company.
In this regard, Badr Al-Badr, CEO of Dur Hospitality praised Shada’s experience in the hotel apartments sector and stated that this agreement comes as part of Dur’s strategic transformation plan focused on diversifying investments in the Kingdom’s hospitality industry, as well as promoting its identity in the hotel apartments sector in aims to expand services for existing customers and attract new ones, thus reflecting positively on the company’s growth and shareholder equity.
On her end, CEO of Shada Homes Company, Reem Garrash stressed that this agreement with Dur, a leading hospitality company which boasts four decades of experience in the industry, will provide benefits for both entities as well as add value to the hospitality sector in Saudi Arabia. The agreement will also enable the formation of an exclusive entity which will act as a main contributor towards diversifying the economy and creating jobs.
This acquisition comes as a result of Dur’s expansion and development plan on several fronts, and is added to the series of consecutive successes recently achieved by the company - most notably the launch of the development plan of Riyadh Airport Marriott Hotel and the winning of Makarem Hotels of Haute Grandeur International award 2018 for the best hotel group in the Kingdom.