Dur Hospitality inks 10-year deal with Aseela Investment to operate residential compound

28/12/2014 ِArgaam

Dur Hospitality Company, previously known as Saudi Hotels & Resort Areas, inked a deal with Aseela Investment Company on Sunday to manage and operate its Al Yasmin compound in Jeddah for ten years.

Dur Hospitality will obtain a percentage of revenue and operating profit under the contract, the company said in a statement to the Saudi bourse, Tadawul.

The Jeddah-based compound occupies a total area of 10,000 square meters and includes 168 apartment units, a health club, service buildings, and parking lots.

The company expects the financial impact of the deal to be reflected in its Q1-2015 results.

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