Saudi-based Dur Hospitality Company has signed a SR300 million—$79.92 million—agreement with Marriott International to operate an 80-unit Marriott Hotel and a 140-unit Marriott Executive Apartments in the Diplomatic Quarter in Riyadh, Saudi Arabia.
Due to open in 2017, both properties will be operated and managed by Marriott International under a long-term agreement with Dur Hospitality.
Abdullah bin Mohammed Al-Issa, chairman of Dur Hospitality Company, said: “This announcement has come as a result of our ongoing and well-established partnership with Marriott International since 1980. These globally recognised hotels are set to bring new levels of hospitality and service to the Diplomatic Quarter and meet the growing demands of the region’s leisure and business travellers. Hence, 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.”
“We are very proud in our successful partnership with Dur Hospitality which lasts for the past 35 years. We absolutely salute Dur as the most reputable company in Saudi Arabia specialised in investing in hospitality sector leading several significant landmarks in different Saudi cities, and today’s agreement is an additional testament to our mutual success and growth,” said Alex Kyriakidis, president and managing director of Marriott International in the Middle East and Africa.