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Fairmont...new hotel in Jeddah

Jeddah company to invest $399m in new Fairmont hotel

JEDDAH, May 27, 2015

Jeddah-based Sisban Holding plans to invest SR1.5 billion ($399.8 million) in the development and management of the first Fairmont hotel in the Saudi Arabian city.

The signing ceremony was attended by Ali Al Sharif, president and co-founder of Sisban Holding; Dr Abdulrahman Almufarreh, Group chief executive officer; Michael Glenn, chief executive officer of Fairmont; and Jennifer Fox, president of Fairmont Hotels, said a report in the Saudi Gazette.

The new hotel, which will be located on the northern Jeddah Corniche, will consist of a 65-storey tower with a capacity of 350 rooms overlooking the sea. In addition, a 100 luxury apartments will be serviced by the hotel to become the first real estate managed by an international hotels corporation in the region.

Furthermore, the project will include a number of restaurants, sports and recreational clubs, meeting rooms, and will contain the largest conference hall in Jeddah, the report said.

The hotel, scheduled to open by the end of 2018, will coincide with the launch of a number of vital projects such as the Metro railway project in Makkah and the expanding of Jeddah airport, which will significantly impact the development of hospitality sector in Jeddah, it said.




Tags: Saudi Arabia | Jeddah | Fairmont |

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