Tuesday, February 4, 2020

Saudi Arabia-based Jadwa Investment announced on Tuesday that it would merge Tharawat Wadi Ibrahim Hotel and restaurant properties in Makkah and redevelop them into a hotel tower.

In a bourse statement, the investment company said the redevelopment plan will fully utilise the allowable built-up area (BUA) that will result in an increase of the leasable area and the number of hotel rooms.

The property is part of the hospitality asset portfolio of Jadwa REIT Al Haramain Fund. The 12-floor hotel, with a BUA of approximately 1,948.8 sqm, currently hosts 85 rooms and is located approximately 0.35 km away from the Haram, according to information posted on Jadwa Al Haramain REIT's website.

The statement noted that redevelopment plan would be financed through the fund's available bank facility, adding the current lease contracts will be terminated.

The property is currently operated by Saudi-based hotel operator, Tharawat Al Mashaer.

Source: https://www.zawya.com/mena/en/story/Jadwa_Investment_to_redevelop_Tharawat_Wadi_Ibrahim_Hotel_in_Saudis_Makkah-ZAWYA20200204092617/