Al-Tayyar Travel Group on June 30 signed an agreement with Starwoods Group to operate its 5-star Kenzi hotel under the Sheraton brand in Makkah.
Hotel apartments will also be sold and operated under the same brand, the Saudi company said in a bourse statement.
Financial impact of the agreement will reflect on Q4-2016 results, the company added.
The move came after Al Tayyar completed total renovations of the hotel, which now includes 304 rooms on 12 floors, as well as four floors for special needs and a VIP hall.
It also holds 110 hotel apartments, three restaurants, a coffee shop, and other 5-star amenities.
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