Emaar Properties on Sunday confirmed news published in the media that its subsidiary Emaar Hospitality will manage its first hotel in Saudi Arabia.
“We would like to confirm that the information in the media is correct [and] to clarify that entering into a hotel management agreement is within the normal course of business of Emaar Hospitality,” the Dubai-based property developer said in a statement to the Dubai Financial Market (DFM).
Emaar Properties added that it does not expect the agreement to have a material financial impact.
On Thursday, local media reported that Emaar Hospitality Group had signed a hotel management deal with Saudi Arabia’s Jabal Omar Development to operate a new project under the Address Hotels + Resorts brand name in Makkah.
Located near the Grand Mosque, the project, named Jabal Omar Address Makkah, will consist of two towers and will have 1,490 rooms and suites. It is slated for inauguration in 2019.
Emaar Hospitality revealed that the project will be the first Address Hotels + Resorts project in Saudi Arabia.
Emaar’s subsidiary in Saudi Arabia, named Emaar Middle East, had previously developed a total of 316 serviced apartments near the Makkah Clock Tower development; however, these are operated by Fairmont Hotels and Resorts.
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