Taiba Announces the Hotel Management Agreement Signing with IHG (Intercontinental Hotels Group) to Manage and Operate a Crowne Plaza Taiba Hotel & Suites in Riyadh – Owned by AlAqeeq Real Estate Development Company, One of Taiba Subsidiaries
| Element List | Explanation |
|---|---|
| Introduction | In line with the Taiba strategic directions to focus on the real estate investment and development with its approved plan to execute a number of real estate hotel projects, and while continuing to second
the management and operations of its hotels to international operators who are experienced and qualified in this hospitality industry; a Hotel Management Agreement (HMA) has been signed with IHG (Intercontinental Hotels Group) to operate the Crowne Plaza Taiba Hotel & Suites in Riyadh – owned by AlAqeeq Real Estate Development Company (a subsidiary fully owned by Taiba) – the hotel project for which Taiba has recently announced the award of contract for its construction works. |
| Date of Announcement of the Award | 2021-11-21 Corresponding to 1443-04-16 |
| Contract Subject Matter | Management and operations of a 4-star hotel project in Riyadh with (Crowne Plaza) brand |
| Date of Signing the Contract | 2021-11-21 Corresponding to 1443-04-16 |
| Contract Value | It has no specific value as the operator receives a percentage of the revenue and profits in lieu of hotel management and operations |
| Contract Details | IHG will manage and operate the Crowne Plaza Taiba Hotel & Suites in Riyadh, which will be constructed in the Olaya District at the intersection of Makkah Al Mukarammah Road with Takassusi Road. The hotel consists of 192 rooms and 110 serviced apartments with strong F&B offering including a lobby lounge, an all-day dining, a café, meeting space, as well as fitness and recreational facilities |
| Contract Duration | 15years from the date of hotel operations |
| Financial Impact and the Relevant Period | Upon the commencement of hotel operations anticipated in the year 2025 |
| Related Parties | No related interested parties exist for this contract |
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