Shuaa Saudi Arabia to Build Hotel in Jeddah

9th August 2011 (Last Updated August 9th, 2011 18:30)

Shuaa Capital's Saudi Arabian unit is to build a SAR160m ($43m) business hotel in Jeddah, Saudi Arabia. The 254-room property, which will be managed by Rotana Hotel Management and branded as Centro Hotels by Rotana, will have a total area of 12,000m². The company has comp

Shuaa Capital’s Saudi Arabian unit is to build a SAR160m ($43m) business hotel in Jeddah, Saudi Arabia.

The 254-room property, which will be managed by Rotana Hotel Management and branded as Centro Hotels by Rotana, will have a total area of 12,000m².

The company has completed the acquisition of a site on which it will build the hotel through its SHUAA Saudi Hospitality Fund I.

Rotana president and CEO Selim El Zyr said Jeddah’s hotel market over the past six months performed well, with a 9% increase in the average room rate.