Dur Hospitality, formerly known as Saudi Hotels & Resorts, said in a filing to the Saudi bourse that it plans to sign a license agreement with IHG on Sunday, Dec. 14.
The agreement is effective for 15 years as of the signing date.
It aims to operate some hotels of Dur Hospitality across the Kingdom.
The relevant financial impact will materialize in the second quarter of 2015.
Photo Credit: Arabianeye-Reuters