Contractor review ongoing for 150-room Hilton hotel in Saudi Arabia
Work related to design and architectural plans for the Hilton Garden Inn Hotel Riyadh is also progressing, Riyad Reit says
A contractor review process is under way for the American-operated Hilton Garden Inn Hotel Riyadh on King Fahd Road in Saudi Arabia, according to asset owner Riyad Reit.
Work related to design and architectural plans is also progressing.
In a missive to Saudi bourse Tadawul, Riyad Capital, which owns the real estate investment trust (Reit), said it had signed a management and operations agreement spanning 20 years with Hilton.
The deal starts from the date of the hotel’s operation, which is expected to be in early 2021, after the completion of renovation work at Fursan Towers.
Located on the King Fahd road, one of the main arteries that runs through the Saudi capital, the Hilton Garden Inn Riyadh comprises 150 hotel rooms, eight meeting rooms, and services facilities.
Commercial rental space will also made available, which will be financed by the fund manager.
Hilton is ramping up development plans in Saudi Arabia. Earlier this month saw the American hotelier ink a management agreement with Umm Al Qara for Development and Construction Company for The Hilton Garden Inn and Embassy Suites by Hilton – both located in Makkah.
The group’s pipeline of 34 hotels in the kingdom, which represents 9,500 rooms, will also expand driven by a contract signed earlier this year with Shomoul Holding Company to develop and operate four hotels at the $3.5bn (SAR13bn) The Avenues – Riyadh.
The Avenues – Riyadh, one of Saudi Arabia's top construction projects this year, will include space for 1,300 stores, in addition to five multi-purpose towers consisting of hotels, exhibition, conference halls, residential apartments, offices, and medical facilities.