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Oman Hotels to establish hotels worth OMR 100m

Oman Hotels to establish hotels worth OMR 100m
The company announced its five-year plan on Wednesday in a press conference in Muscat.
OHTC
OHTS
5.31% 0.44 0.02

Mubasher: Oman Hotels and Tourism Company on Thursday announced its intention to establish ten new hotels worth OMR 100 million throughout its five-year plan (2017-2021), according to Omandaily newspaper.

The company announced its five-year plan on Wednesday in a press conference in Muscat, and indicated that it is working on a new brand identity, according to a filing to the Muscat Securities Market (MSM) on Thursday.

During the next two months, two hotels will be completed, providing more than 420 hotel rooms, the newspaper said, citing the company’s chairman Mohammed bin Abdullah Al Khonji as saying.

The first hotel worth OMR 13 million will be situated in Khuwair, while the second one will be located in Duqm at a value of OMR 7 million, Al Khonji added.

“The projects aim to provide more than 2,000 hotel rooms. We are cooperating with international companies specialised in managing and operating hotels,” the chairman indicated.

Four hotels are under construction, one of which is Tulip Inn Downtown in Muscat with 180 rooms by 2018, the newspaper noted.

The MSM-listed company had previously reported a 16.59% decline in its profits reaching OMR 1.9 million in 2016, compared to OMR 2.27 million in 2015.

By 11:29 am Oman time, Oman Hotels and Tourism’s stock closed stable at OMR 0.40.