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Saudi Real Estate Co. Announces Contract Sign Off with Hilton Worldwide to Manage and Operate a hotel in Porta Jeddah Project under the Canopy by Hilton brand.
4020
ALAKARIA
-4.40
%
1444/12/01 19/06/2023 08:01:39
| Element List | Explanation |
|---|---|
| Introduction | Driven by Saudi Real Estate Co. (Al-Akaria) strategy to focus on Real Estate Development and Investment and its approved plans to develop a number of iconic and lifestyle Real Estate and Hospitality Projects in line with Saudi Vision 2030 objectives. Al-Akaria announces signing an agreement with Hilton Worldwide to Operate and Manage Porta Jeddah hotel and serviced apartments under the Canopy by Hilton brand. |
| Date of Announcement of the Award | 2023-06-18 Corresponding to 1444-11-29 |
| Contract Subject Matter | Operation and Management Agreement of a hotel within Porta Jeddah Project in Jeddah with Canopy by Hilton. |
| Date of Signing the Contract | 2023-06-18 Corresponding to 1444-11-29 |
| Contract Value | It has no specific value as the operator receives a share of the revenue and profits as compensation for managing and operating the hotel. |
| Contract Details | Hilton Worldwide will Operate and Manage Porta Jeddah Hotel and Serviced Apartments under (Canopy by Hilton) Porta Jeddah, which will be located within An-Nahdah District along King Abdulaziz Road. It will feature (183) keys and (55) serviced apartments complemented with an array of F&B outlets and meeting space, in addition to leisure and sports facilities. |
| Contract Duration | 20years from the date of hotel operations |
| Financial Impact and the Relevant Period | Upon the commencement of hotel operations, which is anticipated in the Year 2028 |
| Related Parties | N/A |
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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