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TAIBA

02 October, 2024 08:03

Taiba Investments Company announces the signing of a contract with Hilton Worldwide to manage and operate "Taiba Front" hotel, owned by Al-Aqeeq Real Estate Development Company, a subsidiary of Taiba Investments. The hotel will be operated under the brand "Waldorf Astoria”

Element ListExplanation
Introduction In line with Taiba company’s strategy to manage and operate its hotel investments through partnerships with leading global companies in the luxury hospitality sector, and to enhance its continuous expansion in this promising sector, the company is committed to elevating the standard of hospitality in the Kingdom in line with Vision 2030. As part of this commitment, an agreement has been signed with Hilton Worldwide to manage and operate the first Hotel under the brand " Waldorf Astoria " hotel in Medina, (currently the Taiba Front hotel), which is owned by Al-Aqeeq Real Estate Development Company (Fully owned by Taiba).
Date of Announcement of the Award 2024-10-01 Corresponding to 1446-03-28
Contract Subject Matter Hotel Management Agreement with Hilton Worldwide, to manage and operate “Waldorf Astoria” hotel in Medina
The Entity with Which the Contract was Signed Hilton Worldwide Manage Limited
Date of Signing the Contract 2024-10-01 Corresponding to 1446-03-28
Contract Value The operator will receive a percentage of the revenue and a percentage of the hotel's total operating profit as per the management agreement.
Contract Details Hilton Worldwide will manage and operate the hotel under the brand "Waldorf Astoria", marking the first presence of this leading hotel brand in Medina. The hotel will have prime location to the north of the Prophet's Mosque, with a direct view of it. The hotel will consist of more than 300 luxurious rooms and suites, two well designed restaurants, as well as two multi-purpose event halls, and a dedicated meeting room for the business sector. Additionally, it will feature a fitness center, and the hotel is expected to open in 2028.
Contract Duration 20 years, subject to extension
Financial Impact and the Relevant Period After completing the hotel preparation, which is expected to be in the fourth quarter of 2028.
Related Parties None

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