Riyadh – MENA Herald: SHUAA Capital Saudi Arabia (‘SCSA’) announced the construction and fitting works on the Centro Shaheen Jeddah Hotel has finished, with the property having been handed-over to the Rotana Hotel Management Company to begin operations.
“This is an important day for SHUAA in Saudi Arabia. After many years of work, we have handed over our first property. We are proud of our achievement and we are certain Rotana and the management team will enjoy every success in the operation and management of the property,” said Abdulrahman Al-Hareb, Chairman of SHUAA Capital.
The Centro Shaheen hotel is the first of a series of three hotel properties that SCSA has been constructing and developing as part of the SHUAA Hospitality Fund I. The other two hotels, Dammam Rayhaan and Riyadh Centro, are due for hand-over in the next twelve months.
The SHUAA Saudi Hospitality Fund I is a Shariah-compliant, close-ended real estate investment fund launched in August 2008 and established in partnership with Rotana Hotel Management Company. The committed capital for the SHUAA Saudi Hospitality Fund I is US$ 145 million (SR 535 million). SHUAA Saudi Hospitality Fund I owns direct or indirect interest, through SCSA managed sub-funds, over the three aforementioned properties. SCSA, in its capacity as fund manager, had arranged and secured a Murabaha facility with Banque Saudi Fransi for each property.
“We are encouraged by the upturn in business travellers coming to Jeddah. Now that our doors are open, our property is well positioned to cater for the increased demand especially as we are so conveniently located, close to many local attractions as well as the international airport. This is our first delivery from our Saudi Hospitality Fund and the remaining two properties in Riyadh and Damman are due for completion by the end of 2017,” added Abdulelah Al Shaikh, Chairman of SHUAA Capital Saudi Arabia. “Our firm has long built this niche investment platform in Saudi Arabia that targets the hospitality sector. By handing over the keys to Centro Shaheen, we have demonstrated commitment to our investment strategy and our shareholders. We are grateful for their long-term patience and we now look forward to capitalising on the growing demand by business travellers for good, quality hotels.”
The 252-room Centro Shaheen hotel is situated in the heart of Jeddah’s central district. It is a business hotel built to meet the demands of the new generation of travellers. The rooms and general amenities are geared towards the needs of the travelling executive. The hotel has an all-day dining restaurant, gym, meeting rooms and valet parking. It is conveniently located on Al Madina Road and is close to Haifaa Mall and other major commercial centres. The Jeddah Corniche is five minutes’ drive and the King Abdulaziz International Airport is only 20 minutes away.