Saudi-Lebanese venture for major tourist project
Mandarin Oriental hotel to hit Bachoura
Five-star international hotel chain Mandarin Oriental will be operating its first property in Beirut by 2017. The estate will be developed and owned by Bachoura 987, a Lebanon-based joint venture between Lebanese and Saudi investors. Bachoura 987 is managed by Sabah Barakat, vice-president at the Saudi-based company, Olayan Group.
Mandarin Oriental Beirut will be located in Downtown’s Bachoura area, near the Samadi and Salha Dome. The project’s total cost is estimated at around $200 million. The building will occupy a total area of 63,000 square meters. It will comprise 11 above ground floors, with a total area of 39,000 sqm.
The hotel will accommodate 154 rooms, 62 suites, and 35 furnished apartments. It will also boast four restaurants, and a nightclub, as well as a health club with a pool. The hotel will also have several ballrooms for hosting different events, including business conferences. The project will generate some 250 jobs.
Bachoura 987 received tax exemptions from the Investment Development Authority of Lebanon (IDAL) back in March.
Date Posted: Oct 18, 2012