Al Akaria Company Signs Deal with Marriott International
In a significant move, the Saudi Real Estate Company (Al Akaria) has announced a strategic partnership with Marriott International.
This marks a substantial step in the hospitality sector of Saudi Arabia. This 25-year management and operation contract paves the way for a new luxury hotel in Riyadh’s Al-Aqiq project. Additionally, the hotel will be a distinguished member of Marriott’s Autograph Collection brand.
Contract Details
Al Akaria, in its disclosure to the Tadawul stock exchange, revealed that the contract’s financial terms are dynamic. Instead of a fixed sum, Marriott will earn management fees based on hotel revenues and a share of the operational profits. This innovative financial model is a pioneering approach in Riyadh’s real estate and hospitality market.
Al-Aqiq Project Overview
Al-Aqiq project, under this deal, will see Marriott International managing and operating a high-end hotel and suites. This project will be a standout feature in the Al-Aqiq district, a prominent area in Riyadh. Moreover, the hotel, as part of the prestigious Autograph Collection, promises to offer unique and personalized hospitality experiences.
Hotel Features and Amenities
The upcoming hotel is set to house 280 luxurious rooms and suites. Furthermore, these accommodations are designed to meet the high standards of Marriott’s Autograph Collection. Guests will have access to a variety of dining experiences, ranging from casual cafes to fine dining restaurants. The project also includes a range of retail outlets for shopping enthusiasts.
Meeting Spaces and Recreational Facilities
One of the key highlights of this hotel will be its multifunctional meeting spaces. These are designed to cater to a variety of events, from business conferences to social gatherings. Additionally, the hotel will boast a range of recreational and sports facilities.
Impact on Riyadh’s Hospitality Landscape
This project will impact on Riyadh’s hospitality and tourism sector. It aligns with Saudi Arabia’s vision to enhance its infrastructure and attract international visitors. The introduction of a Marriott Autograph Collection hotel in Al-Aqiq signifies a blend of luxury and culture, appealing to both local and international travelers.
In conclusion, the partnership between Al Akaria and Marriott International is a testament to the growing hospitality industry in Saudi Arabia. This collaboration also promises to deliver a world-class hotel experience in the heart of Riyadh.
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