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Al Tayyar, Starwood sign hotel operation deal

Al Tayyar, Starwood sign hotel operation deal
The hotel is to be located in front of the Grand Mosque in Mecca- (Photo Credit: Company website)
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Riyadh – Mubasher: Al Tayyar Travel Group signed a contract with Starwood Hotels and Resorts Worldwide Inc. on Thursday to operate a 5-star hotel,a, according to a bourse filing.

To be located in front of the Grand Mosque in Mecca, the hotel is affiliated to Sheraton Hotels and Resorts.

The group has renovated the whole hotel including the outer facades, in addition to the internal distribution and design of floors, public utilities halls, lifts and prayer rooms. In addition, the roomshave been redistributed to be 304 hotel rooms and 110 apartments.

The company’s board approved selling the hotel apartments to regain a big portion of the capital invested in the hotel and re-pump it in other projects, while operating the apartments for the wishing owners.

The financial impact of the deal will appear in the fourth quarter of 2016, according to the statement.