SHUAA to invest in $133 million hotel project in Jeddah
March 19- SHUAA Saudi Hospitality Fund I has decided to invest in a $133 million hotel development project in Jeddah, Saudi Arabia, it was learnt on Thursday. The fund will purchase land and build a 35-storey luxury hotel on the Jeddah Corniche, overlooking the Red Sea. The hotel will comprise 250 rooms and 150 apartments.
The fund is a real-estate development and hospitality fund managed by SHUAA Capital Saudi Arabia with an arrangement to develop and own Rotana-branded hotels in Saudi Arabia. King & Spalding is the legal team behind the entire transaction that advised the fund to go ahead and invest in the project.
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