Taiba Signs deal with IHG to Operate Crowne Plaza Taiba Hotel & Suites in Riyadh

In line with the Taiba Investment Company 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.

The contract subject matter is the management and operations of a 4-star hotel project in Riyadh with (Crowne Plaza) brand.

The contract has no specific value as the operator receives a percentage of the revenue and profits in lieu of hotel management and operations

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

The contract duration will be 15 years from the date of hotel operations. The financial impact and the relevant period is expected upon the commencement of hotel operations anticipated in the year 2025 and no related interested parties exist for this contract.