Deal signed for construction of four hotel towers in Doha
Financing agreement regarding a project for the construction of four hotel towers near the City Center complex in Doha was signed on March 14. The deal was signed between Al-Faysal Holding Group and a banking consortium composed of the Qatari Al-Ahali Bank, the Qatari Commercial Bank, Doha Limited Bank, the Middle East Bank in Kuwait, and the United Al-Ahali Bank.
According to the Qatari newspaper Al-Watan, the chairman of Al-Faysal Holding Group, Sheikh Faysal bnu Qasem, said that the group had constructed during the last five years the City Center complex in Doha, hotel Rydges and hotel Marub al-Sad, and it is planning to start the building of the second and third stages of City Center project in Doha. These stages will include the construction of four hotels, each of them will have 50 floors. The four hotels are: 1. Shangarila hotel and apartments – This is a well known international hotel chain which includes so far 42 hotels and resorts around the world. It will be a five star hotel with 222 rooms, 30 king suites and 4 senior suites, in addition to 46 apartments. The hotel will offer many facilities, such as sport club, restaurants etc.
2. Hotel Marriott Renaissance – Another five star hotel, which will be built in central Doha and will mainly target foreign businessmen and tourists. It will include 240 rooms.
3. Court Yard Marriott Hotel and Apartments- This will be a four star hotel composed of 204 rooms. The hotel will mainly target businessmen, and will offer high quality in reasonable prices. For those who wish to stay more than a month, the hotel will offer 148 apartments.
4. Rotana hotel and apartments – This will be a 4 star hotel with 256 rooms, 10 luxury rooms, and 10 suites. It will also target foreign businessmen and will be equipped with all necessary services and facilities, such as conference halls, restaurants, swimming pool, health club and etc. The project will include also 100 apartments for longer staying.
As for the period required for the construction of the four hotels, the executive chairman of AL-Faisal Group, Walid al-Saadi, said it will last two years as of April 15, 2005 with an option of one year extension. The total costs of this huge construction project will range between US$380 and US$400 million.