Taiba Investments pens deal with AccorHotels for Novotel

The contract duration is 15 years from the date of operating the hotel

Hotel Room. Image used for illustrative purpose.

Hotel Room. Image used for illustrative purpose.

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Riyadh – Mubasher: Taiba Investments Company has signed a hotel management agreement with AccorHotels to manage and operate a four-star Novotel Hotel in Madinah and to provide a full spectrum hotel service for the visitors to Al Masjid Al Nabawi, according to a bourse disclosure on Tuesday.

The contract duration is 15 years from the date of operating the hotel, while the agreement was signed on 21 September 2021.

Taiba Investments said there is no specific value for this contract as the operators will receive a percentage of the revenue and profits in lieu of hotel management and operations.

The hotel is owned by AlAqeeq Real Estate Development Company, a subsidiary of Taiba Investments. AccorHotels will manage and operate the Novotel hotel which will be constructed to include 394 keys and 20 suites, along with other hotel services and a car parking area.

The listed company said the financial impact of this deal is expected to reflect on the income statements of the year 2025, when commencing the hotel operations.

Source: Mubasher

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