Dur Hospitality says Marriott Hotel projects set to be complete in 2018

Saudi Arabia’s hotel management firm Dur Hospitality said it expects its SAR 300 million flagship Marriott Hotel project to be finalized by 2018.

The company also said the projects of Darraq- third phase and Makarim Annakheel Hotel renovation will help bolster its financial statements in the second quarter of the year.

Dur’s revenues jumped 11 percent year-over-year in 2014. However, net profit dropped 27 percent to SAR 104 million (SAR 1.04 earnings per share) as compared to a year earlier.

The decrease is attributed to the impairment of the book value remaining from the entertainment sector at a total of SAR 50.8 million.

The bourse-listed company said in December that it inked a deal with Marriot International to build an 80-unit hotel, and a 140-unit executive apartment complex in the diplomatic quarter of Riyadh.