Saudi Hotels plans to expand into Madina, Jeddah and the Eastern Province, CEO

CEO of Saudi Hotels and Resorts Co said the company  is planning to expand into the holy city of Madina, Jeddah, the Eastern Province and the small cities in Saudi Arabia.

The company prefers to upgrade and develop hotels in accordance with high quality standard instead of buying them off, CEO Badr al-Badr said in an interview with al-Arabiya television.

The company has recently got approval to build economic hotel and shops over 10,000 sq meters land  in Jubail Industrial City. Mr al-Badr said the cost of the hotel was not yet determined but in general a hotel room costs somewhere between SAR 80,000 to SAR 120,000.

Saudi Hotels’ 2nd quarter profit was SAR 47 million compared to SAR 35.5 million year on year, according to Argaam. 1st quarter profit was SAR 45.8 million.