Staybridge Suites to open by end-November

Property owned by local group Horizon
Development, managed by InterContinental

The first Staybridge Suites hotel in the country will open by the end of November in Verdun. Bassam Zein, project manager at Horizon Development, the owners of the property, said the hotel will be situated within the Verdun Gardens compound facing Le Bristol.

The hotel is owned by Soligran Hotel S.A.L, a fully-owned subsidiary of Bahaa Hariri’s property investment and development group, Horizon Development. It will be managed by international hotel chain InterContinental Hotels Group (IHG), which owns the Staybridge brand. Soligran Hotel and IHG signed a management agreement back in 2010.

The hotel is targeting upscale extended-stay guests. It will offer 121 guest units, which include 33 studio apartments, 77 one-bedroom apartments, and 11 two-bedroom apartments. Alongside with the hotel, Verdun Gardens includes a shopping center and residential apartments.

Investment in the project totaled around $45 million. The project is expected to create some 170 jobs. The hotel recently received an incentives package deal from IDAL. It was granted exemptions on income tax, and tax on dividend distribution for ten years. It also received discounts on the construction permit.

Reported by Rana Freifer