Riyadh – Mubasher: Taiba Investments Company on Tuesday said its fully-owned subsidiary, Al Aqeeq Real Estate Development Company, has terminated the hotel management agreements signed with Millennium & Copthorne Middle East Holdings Limited on 30 November 2014.
The agreements were for the management of Al Aqeeq Millennium Hotel and Taiba Millennium Hotel that are located in Madinah Central Area and owned by the subsidiary. The termination is effective as of 23 February 2021, according to a bourse filing.
Al Aqeeq Real Estate will directly manage the operations of the abovementioned hotels.
“The termination of this contractual relationship with Millennium & Copthorne Middle East Holdings Limited may have a financial impact which cannot be estimated at present, and it will be announced later,” the statement concluded.