The builders of 122-room Zamen Grand Hotel have reported that the fascia part of its construction is now complete and interior work is now underway, according to the latest pictures of the site.
The Zamen Grand Hotel is the latest in a raft of hotel projects to be built in the northeastern holy city of Mashhad in recent years as that location holds vast future residential and tourism potential.
The seven-floor hotel is placed atop of the soon-to-open Zamen Shopping Center which according to its location is within 500 meters distance from the Shrine of Imam Ali, a popular religious pilgrimage site in the city.
Interestingly, the hotel’s building group believed to be a private local firm, is currently listing rooms to purchase, which suggest the project will be a hotel-apartment complex.
The shareholders in the project include Pasargad Bank with a 34% share Bank Employees Retirement Fund 33% and Bank Sepah 33%.
The building which is multi-use will also have a roof-top restaurant, according to the initial plans with views overlooking the shrine.
This latest hotel project, which is entirely funded by local banks, shows the strength of future potential in spiritual tourism in Iran. Mashhad annually host around 25 million foreign and domestic pilgrims which is nearly half of the total visits to the entire country.