Taiba For Investment Co. (Taiba) inked a deal with Marriott International to manage and operate Sheraton Taiba Hotel, Madinah, in addition to laying the corner stone of this five-star hotel project, the company said in a statement to Tadawul.

 

The contract value was not defined, but the hotel operator will receive a percentage of revenue and earnings, in return for management and operation.

 

The contract will extend for 20 years from the date of launching operations.

 

The five-star property is set to be developed on a 2000-square-meter plot of prime real estate located in the northern area of the Prophet's Mosque.

 

The relevant financial impact will reflect on Q2 2023, and the agreement will have no related parties, the statement added.

 

The new contract came in line with Taiba’s new identity and investment strategy.

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