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
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
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