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Alandalus inaugurates Staybridge Suites Jeddah

Alandalus inaugurates Staybridge Suites Jeddah
(Photo Credit: Company website)
ALANDALUS
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3.15% 27.80 0.85

Riyadh – Mubasher: Alandalus Property Company announced the inauguration and operation of its fully owned Staybridge Suites Jeddah Alandalus Mall at a total value of SAR 143 million.

The company noted that the inauguration came after obtaining the operation licences required from the Saudi Commission for Tourism and National Heritage (SCTH), according to a bourse filing.

The construction cost of the project reached SAR 128 million, while the financing costs amounted to SAR 15 million, bringing the total cost of the project to SAR 143 million.

The InterContinental Hotels Group will manage and operate the hotel under the brand name Staybridge Suites.

The hotel consists of 18 floors comprised of over 120 suites and 44 rooms, in addition to the meeting rooms and leisure facilities, the statement said.

The company expects that the financial impact of the project will appear in the second quarter of this year, assuring its positive reflection on the results of 2017.