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Saudi Real Estate Co. (“Al-Akaria”) Announces Hospitality Management Agreement Sign-Off with Marriott International to Brand, Manage and Operate a Hotel in Al-Aqeeq Project Site in Riyadh City
4020
ALAKARIA
3.43
%
1445/08/11 21/02/2024 15:46:03
| Element List | Explanation |
|---|---|
| Introduction | Saudi Real Estate Co. (“Al-Akaria”) (The Company) Announces Agreement Sign-Off with Marriott International to Brand, Manage and Operate a Hotel in Al-Aqeeq Project Site in Riyadh under the commercial brand Autograph Collection |
| Date of Announcement of the Award | 2024-02-21 Corresponding to 1445-08-11 |
| Contract Subject Matter | Management and Operation Agreement of a hotel within Al-Aqeeq Project Site in Riyadh with Marriott International under the commercial brand Autograph Collection |
| The Entity with Which the Contract was Signed | Marriott International |
| Date of Signing the Contract | 2024-02-21 Corresponding to 1445-08-11 |
| Contract Value | There is no fixed value; the operator receives Management Fee from gross revenue and percentage from operating profits (Performance Fee) for managing and operating the hotel |
| Contract Details | Marriott International will Brand, Manage and Operate Al-Aqeeq Project Site Hotel and Serviced Apartments under the commercial brand Autograph Collection, which will be located within Al-Aqeeq District in Riyadh. It will feature (280) keys and serviced apartments complemented with wide range of F&B outlets, retail, multi-purpose meeting space, and leisure and sports facilities |
| Contract Duration | 25 years starting from the date of executing the Hospitality Management Agreement |
| Financial Impact and the Relevant Period | Upon the commencement of hotel operations, which is anticipated during the year 2028 |
| Related Parties | There are no related parties |
| Additional Information | The execution of this Hospitality Management and Operation Agreement for Autograph Collection brand with Marriott International is considered the first of its kind in Riyadh city |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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