Earlier this week, Oman Tourism Development Company (OMRAN) and Bank Sohar signed a deal worth $104 million (OMR 40 million).
The agreement, which took place on Monday December 28 will finance the building of the JW Marriott Hotel Project in Muscat.
The new hotel will be located within the upcoming Oman Convention and Exhibition Centre (OCEC). The OCEC will form part of the new Al-Irfan City project developed by Omran.
Omran acting CEO Eng. Ali Rasbi commented: “The agreement was part of the financial model pursued by Omran whereby private institutions work hand-in-hand with the government on commercial projects.”
Rasbi added: “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 offer unprecedented levels of luxury, class and service whilst adding significant guest capacity to the hospitality offering in OCEC as well as Muscat as a whole.”
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The new 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 agreement made earlier in September with Bank Sohar. The OMR 30.6 Million deal made in September will finance the Crowne Plaza Hotel Development, which will also be located within the OCEC.
The completed OCEC complex will include 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 currently expected to be completed in 2017.
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