Al Akaria inks deal with Marriott to manage, operate hotel in Al-Aqeeq project in Riyadh

Logo of Saudi Real Estate Co. (Al Akaria)

Saudi Real Estate Co. (Al Akaria) announced today, Feb. 21, signing a 25-year agreement with Marriott International to manage and operate a hotel in Al-Aqeeq project in Riyadh, under the commercial brand “Autograph Collection”.

In a statement to Tadawul, the company said the contract has no fixed value as the operator receives management fees from gross revenues and a percentage from operating profits (performance fees) for managing and operating the hotel. The deal is the first of its kind in Riyadh, it added.

Under the contract, Marriott will manage and operate the hotel under the Autograph Collection commercial brand. The hotel will be located in Al-Aqeeq District in Riyadh. It will feature 280 keys and serviced apartments complemented with a wide range of food and beverage outlets as well as retail and mixed-use meeting spaces, in addition to leisure and sports facilities.

The related financial impact will be reflected upon the commencement of hotel operations, which is anticipated in 2028, the statement underlined, noting there are no related parties to the deal.