Taiba signs deal with Hilton to manage, operate Madinah hotel
Taiba Investments Co. headquarters
Al-Aqeeq Real Estate Development Co., a subsidiary of the Saudi-listed company, owns Taiba Front hotel, according to a statement to Tadawul.
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The 20-year contract is renewable, the statement said, adding that the operator will receive a percentage of revenue as well as the total operating profit in return for management and operation.
With this, Hilton will bring its Waldorf Astoria brand to Madinah.
The hotel will have prime location to the north with a direct view of the Prophet's Mosque. It will consist of more than 300 luxurious rooms and suites, two well-designed restaurants, as well as two multi-purpose event halls, and a dedicated meeting room for the business sector. Additionally, it will feature a fitness center.
The hotel is expected to open in 2028.
The contract included no related parties, the statement added.
The deal aligns with Taiba strategy to manage and operate its hotel investments through partnerships with leading global companies in the luxury hospitality sector, and this would enhance its continuous expansions, as well as hospitality industry in the Kingdom in line with Vision 2030.