Riyad REIT Fund signed with Hilton an agreement to manage and operate Hilton Garden Inn Riyadh Hotel, the fund manager Riyad Capital said in a bourse filing on Sunday.
No further information were provided about the deal value.
The contract will be valid for 20 years starting from the hotel operation date expected in early 2021.
“The Hilton Garden Inn Riyadh - King Fahd Road will be comprised of more than 150 hotel rooms, 8 meeting rooms and service facilities as well as commercial rental space on King Fahd Road which will be managed by the fund manager,” the statement added.
The results are expected to be positive on the fund, Riyad Capital said, adding that it will announce significant updates in due course.
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