New five-star hotel opens in Beirut
The Rotana Hotel Company opened its 18th hotel in the Middle East on September 19th. The construction of the new five-star hotel, named Rotana Jafinor, cost $38 million. The Rotana Company invested 16 percent of the costs, while the Brent Hotels Company covered the remaining expenses.
According to Al-Hayat daily, the chairman of the board of the Rotana Hotels Company, Salim Al-Zeer, had claimed that the costs of hotel construction projects in Lebanon are relatively high, due to the high prices of land. The cost of land normally constitutes 10%-15% of the total building price worldwide, whereas in Lebanon this accounts for 30%-35% of the total costs. In addition, labor costs in Lebanon are also comparatively high. –(Albawaba-MEBG)