Oman Tourism company Omran and Bank Sohar signed a deal worth $104m (OMR40.1m) to finance the building of the JW Marriott Hotel project in Muscat.
According to Arabian Business, the hotel will be located within the upcoming Oman Convention and Exhibition Centre (OCEC) which will form part of the new Al-Irfan City project developed by Omran.
Omran acting CEO Ali Rasbi said: “The agreement was part of the financial model pursued by Omran whereby private institutions work hand-in-hand with the government on commercial projects.
“This development, once completed, will stand as the most prestigious and exclusive of the quartet of hotels planned for the OCEC precinct.”
The hotel will be a five star property, with a total of 304 keys, plus food and beverage outlets, meeting facilities and a health and leisure club.
The new deal signed this week follows an OR30.6 million agreement made in September with Bank Sohar to finance the Crowne Plaza Hotel development, which will also be located within the OCEC.
The completed OCEC complex will include a total of four hotels, a business park, a retail shopping mall, plus the Convention Centre Precinct.
The OCEC project is currently expected to open in 2016, while the JW Marriott hotel is expected to be completed in 2017.
Source and Link: Construction Week online