Jabal Omar Development Company has terminated a SAR 500 million lease contract for Jabal Omar Marriot Hotel in Makkah with Abdulmohsen Alhokair Group for Tourism and Development Co. (Al Hokair Group) by mutual consent, the firm said in a bourse statement.

 

The step will have a positive impact on Jabal Omar’s financials of FY 2019. The hotel will be operated by Mariott International Inc.

 

The contract termination was requested by Al Hokair Group as the hotel did not achieve the desired objectives, adding that it will have a positive impact on the company’s financials starting from 2020, the company said in a separate statement.

 

In June 2017, Al Hokair Group inked a deal with Jabal omar to lease Jabal Omar Marriot Hotel in Makkah for 15 years, Argaam reported earlier.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request