Shams to lease Riyadh hotel for 31.1M
Al Mashaarie Hotels Company "Shams" announced the signing of a leasing investment contract worth 31.1 million riyals to lease a 17-floor hotel in Al Sahafa District in Riyadh for a period of 10 years. The hotel operation is set to begin on January 1, 2027, with rental payments increasing from 2.8 million riyals annually in the first two years to 3.3 million riyals in the final year. The company anticipates that this contract will positively impact its financial results starting from the first quarter of 2027, as part of its expansion strategy in the hospitality sector to foster growth and support Saudi Arabia's Vision 2030 for tourism.
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