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FINANCIAL NEWS
Al Fanar to run Coral hotel in Saudi Arabia
08 Jul 2010
(MENAFN) Coral Hotels & Resorts, Dubai’s home grown hotel chain, said that it has entered into an agreement with Al Fanar Group to manage the group’s new hotel in Jeddah, Khaleej Times reported.
Currently under construction, the property, located at the Jeddah Corniche, will open early in 2011. Coral Jeddah will feature 54 rooms, eight suites and eight studio apartments as well as two restaurants, roof-top cafe and three function rooms, health club and a pool.
The group also signed management contracts for two additional Coral hotels in Saudi Arabia at the recent Arabian Travel market.
Described as one of the hotspots for hotel development at the recent Arab Hotel Investment Conference, Saudi Arabia has prioritized domestic tourism as a growth sector, but is also opening up in a limited way to international tourism as well as facilitating business through the easing of visa requirements.
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