Marriott International, Inc. (NASDAQ:MAR) last week announced that it will introduce two new properties including its first-ever full service hotel in Al Khobar. The announcement of two properties, Al Khobar Marriott Hotel and Marriott Executive Apartments Al Khobar, was made following a recent signing agreement with Ali Bin Sultan & Brothers Group Holding Co. Ltd, a leading local organisation with interests in the construction, manufacturing and hotel industries.
Due to be completed in 2018, the Al Khobar Marriott Hotel will comprise of a total of 200 rooms. The 80-unit Marriott Executive Apartments in the vicinity is also due to be completed at the same time. Both properties will be managed by Marriott International under a long-term agreement with the owners - Ali Bin Sultan & Brothers Group Holding Co. Ltd.
Commenting on the signing, Alex Kyriakidis, President, Middle East & Africa of Marriott International said: “Growing domestic demand and a strong corporate sector within the oil and gas industry are all fuelling development of Al Khobar’s hotel industry in Saudi Arabia. We see huge potential for growth in the Kingdom and today’s agreement is testament to this.”
“Often regarded as the 'Bride of the Eastern Province', Al Khobar is distinguished for its scenic beauty as well as its thriving business centres. The city’s exquisite tourist spots, entertainment centres and widespread beaches have all made it a favoured spot for both local tourists and the inbound business community. In addition to this, with local events such as the 'Al Khobar Festival', tourism numbers are expected to further grow and we are proud to respond to this demand by introducing two new properties," added Kyriakidis.
Al Khobar is home to Saudi Arabia's oil and petrochemical industry and is a leading corporate and commercial destination in the Eastern Province of Saudi Arabia. Both properties will be located at the intersection of King Fahd and Prince Salman Roads, conveniently close to the city's two largest shopping malls and enjoying easy access to King Fahd International Airport and to the famous King Fahd Causeway, a 26-kilometre road bridge connecting Saudi Arabia with Bahrain.
Commenting on the signing, Mr. Ali Bin Sultan, President of Bin Sultan Holding Group said: “As a home-grown Saudi company with a rich heritage, we are delighted to partner with one of the world’s leading hospitality companies - Marriott International. We look forward to what will be a true exchange of insight and excellence which will ultimately benefit both the local community as well as the increasing number of travellers visiting the Kingdom.”
Marriott International currently operates eight hotels in Saudi Arabia, offering 1,863 units that spans across five brands including Marriott Hotels, Courtyard by Marriott, Marriott Executive Apartments, Residence Inn and The Ritz-Carlton. Marriott International had recently announced two new properties in Riyadh’s distinguished Diplomatic Quarter, considered to be Saudi Arabia’s leading corporate, financial and governmental district. The success of these hotels, combined with a further 18 Marriott International projects in Saudi Arabia alone, further reinforces the company’s commitment to support the growth of the Kingdom.
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