Saudi real estate firm cancels management deals with two Madinah hotels

Taiba Investments said operation of the two hotels would continue under the direct management of Al-Aqeeq Real Estate Development Co

  
Hotel Room. Image used for illustrative purpose.

Hotel Room. Image used for illustrative purpose.

Getty Images
 
RIYADH: A Saudi real estate company on Tuesday announced it had cancelled a six-year-old management deal with two Madinah hotels.

Taiba Investments Co. told the Saudi Stock Exchange (Tadawul) that its fully owned subsidiary Al-Aqeeq Real Estate Development Co. had terminated agreements signed on Nov. 30, 2014 with Millennium and Copthorne Middle East Holdings Ltd. for the management of the Al-Aqeeq Millennium and Taiba Millennium hotels located in the central area of the holy city.

Taiba Investments said operation of the two hotels would continue under the direct management of Al-Aqeeq Real Estate Development Co., adding that the financial implications of the contract cancellations were yet to be determined.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Real Estate