Riyad REIT has signed an agreement with Marriott International to operate its Burj Rafal Hotel in Riyadh under the name JW Marriot Riyadh, Riyadh Capital announced.
The operation of the hotel will be handed over to Marriott in Q1 2020 and the hotel will undergo an improvement plan which includes the introduction of new dining concepts such as Kahwet Al Mandaloun and JW Grill, the statement said.
The hotel will represent the hospitality element within the master plan of the future project, Capital Gate, that will be developed through Riyad Capital.
The deal is expected to have a positive impact on the Fund results, Riyad REIT said.
(Writing by Gerard Aoun; editing by Seban Scaria)
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