Taiba Investments Company said one of its subsidiaries has awarded a contract to construct the Marriott Hotel in the stc Square development in Riyadh for 181.5 million Saudi riyals ($48.37 million).

Smart Zone Hotel Company has appointed Alsaad Contracting Company as the main contractor for the project, Taiba said in a statement to the Saudi stock exchange.

Aqalat, a subsidiary of stc, is developing the mixed-use stc Square development spanning 120,732 sqm of land in Riyadh and comprising 12 buildings, according to the company’s website.

The contract covers the hotel project, which comprises 159 hotel keys, a rooftop swimming pool, a health club, multi-purpose meeting rooms, and several restaurants.

The contract duration is 24 months from the signing date, the statement said.  

The hotel aligns with Taiba’s direction to strengthen its presence in the hospitality sector in major cities, in line with Vision 2030, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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