Saudi Arabian joint stock company, Riyad Capital, has revealed that Riyad Reit has signed a agreement with Hilton to manage the Hilton Garden Inn Hotel Riyadh.
With contractor reviews under its final process, Riyad Reit, which is the real investment company owned by Riyad Capital, said the management and operations agreement will extend for 20 years starting from the date of operation of the hotel.
Work related to the design and architectural aspects are also on-going.
Set to open in 2021, the hotel will be completed once renovations have been finalised at Fursan Towers.
Located on King Fahd Road, the hotel will comprise more than 150 hotel rooms, eight meeting rooms, service facilities as well as commercial rental space, which will be financed by the fund manager.
The fund manager said it expected that the results would be “positive” on the fund, and will announce any significant developments at the time.
The news comes just days after Hilton agreed to open the “world’s largest Hilton Garden Inn” and adds to the hotel chain’s current pipeline of 34 hotels in Saudi Arabia.
The development is in line with the Saudi Arabian Government’s Vision 2030 and the goal of reaching 30 million visitors to the country.