KSA: Dur Hospitality has purchase a majority stake in Shada Homes Company to boost its presence in the aparthotel sector.
Under the agreement, Dur Hospitality owns 60 per cent of Jeddah-based Shada Homes, and transformed the legal entity of Shada from a closed joint stock company to a limited liability company.
Hasan Ahdab, president of hotel operations, Dur Hospitality, said: “We were internally eyeing the serviced apartment market and were in the process of developing a brand for it. However when we came across Shada and met the owners, we found that this is the right vehicle for us to increase our presence, so we went ahead and acquired the brand. We are really expanding and spending wherever the opportunity lies.”
“The market segment for hotel apartments in Saudi Arabia is something I would call the national market. Domestic travellers need them when traveling from one city to the other and our job is to expand and meet these demands. I would not say that we have abandoned the idea of a new brand, but with the acquisition of Shada, we have decided not to pursue our previous work under serviced apartments,” he added.</p
