#!trpst#trp-gettext data-trpgettextoriginal=94#!trpen#Home#!trpst#/trp-gettext#!trpen# ProjectsHospitality Seera Group Sign $45.3 Million Contract with Al Ula Development Company
Hospitality

Seera Group Sign $45.3 Million Contract with Al Ula Development Company

#!trpst#trp-gettext data-trpgettextoriginal=2#!trpen#by#!trpst#/trp-gettext#!trpen# Eddie Rayner

The Seera Group Holding has announced the signing of an investment and joint venture agreement with Al Ula Development Company to establish and operate a Hotel in Al Ula.

The joint venture will build and operate a 215-room Clarion Hotel under the CHOICE brand on a 9000m2 plot of land in Al Ula’s Central Business District The value of the project is SAR 170 million, with the partners contributing 30% of the capital, while 70% of the project value will be financed in accordance with Shariaah.

The joint venture will build and operate a 215-room Clarion Hotel under the CHOICE brand

As per the agreement, a joint venture company with 51% ownership by Seera Group and 49% ownership by Al Ula Development Company will be established. The joint venture will also sign a 50-year lease agreement with Al Ula Development Company for the site on which the project will be built, during which time the hotel will be owned by the joint venture company. The hotel will open in the first quarter of 2024.
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