(MENAFN) Saudi-based Al Khozama Management Company plans to invest over USD140 million to extend its hospitality portfolio in the kingdom, Arabian Business reported.
The property management firm said, at the Arabian Travel Market (ATM) exhibition in Dubai, it will build new hotels and refurbish some of its existing properties in Riyadh.
The firm will also restructure its Al Khozama Centre in Riyadh into a four-star 215-key hotel, starting in the last quarter of this year and scheduled to be completed by the end of 2014.
The Rosewood-managed five-star Al Faisaliah Hotel-North will also be refurbished, starting this June.
Al Khozama operates a number of hotels in other Saudi Arabian cities, including the Al Shohada Hotel in the holy city of Makkah, the Hotel Al Khozama - Madinah and the Al Faisaliah Hotel Madinah.
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