Omran inks $104m deal for JW Marriott in convention precinct

The Oman tourism development company, Omran, and Bank Sohar have agreed US$104m financing of a JW Marriott hotel project within the upcoming Oman Convention and Exhibition Centre (OCEC) precinct. It will form part of the emerging Al Irfan City development. The five-star JW Marriott development, which will include extensive meetings facilities, is scheduled for completion in 2017. It will add 304 rooms to the Sultanate’s current hotel stock and follows a deal signed last September that will see a Crowne Plaza also built at the OCEC precinct. The latest deal was inked at a signing ceremony at the JW Marriott Hotel construction site and was signed by Salah al Ghazali, Omran’s acting chief investment officer and Sasi Kumar, the group general manager of business at Bank Sohar. Kumar said: “Projects of national importance such as these are key towards the development of the hospitality sector and, in turn, foster economic growth and generate local employment.” Also present at the event were representatives from the National Bank of Oman, acting as lead financial advisors, and Al Busaidy, Mansoor Jamal & Co (AMJ) as legal advisors for the JW Marriott development. Eng Ali Rasbi, acting CEO of Omran said: “The agreement was part of the financial model pursued by Omran whereby private institutions work hand-in-hand with the government on commercial projects. “This development, once completed, will stand as the most prestigious and exclusive of the quartet of hotels planned for the OCEC precinct.” “The OCEC precinct plays a key role in the government’s strategy to diversify the economy and stands as the centrepiece of Oman’s business development programme,” an official statement added. Once complete, the OCEC complex will include four hotels, a business park, and a retail shopping mall in addition to the convention centre precinct. Construction works on the OCEC continue at pace with exhibition halls scheduled for opening in 2016. Once operational, the precinct is expected to attract 600,000 visitors a year.