Saudi real estate developer Taiba Holding Company has signed a deal with Marriott International to develop the Sheraton Taiba Hotel, Madinah, located close to the main entrance of Al-Masjid Al-Nabawi. The hotel will mark the return of the Sheraton brand to Madinah.
The five-star property is set to be developed on a 1,019-square-meter plot of prime real estate located in the northern area of the Prophet’s Mosque.
Construction on the hotel, which is being funded by Taiba Holding along with a Shariah-compliant loan, is expected to begin in the second quarter of 2020 with doors opening to the public in 2023.
The agreement between Marriott International and Taiba was signed in a ceremony attended by Chief Executive Officer of Taiba Qasim bin Abdul Ghani Al-Maimani and Alex Kyriakidis, president and managing director, Middle East and Africa, Marriott International, and the teams’ management personnel.
Taiba CEO Al-Maimani said: “We are very happy to be working with Marriott International to bring the Sheraton brand back again in its new transformed shape to Madinah. We continue to join hands with experienced partners to add value to our shareholders and community by bringing iconic projects to life. This deal underscores this mission and our renewed focus on expanding Taiba’s real estate investment and development activities by leveraging our substantial land bank across the Kingdom to develop hotel properties that support the Kingdom’s economy, whilst delivering memorable experiences to Madinah’s regional and global guests.”
Marriott International’s Kyriakidis said: “We are delighted to work with the Taiba Holding Company to open our new Sheraton in Madinah, which will represent the brand’s new identity offering guests a unique experience through enhanced services and designs while staying true to its legacy.”
“We remain committed to supporting the growth of the tourism and hospitality sector under the Saudi Vision 2030 and National Transformation Program 2020, with the purpose of enhancing the country’s economy and strengthening our presence in the Kingdom,” added Kyriakidis
“Taiba is a keen supporter of the Kingdom’s Vision 2030, in particular by driving economic diversification through investing in and developing commercial real estate projects that elevate and grow the religious tourism industry which represents a significant part of the Kingdom’s non-oil economy. The government plans to attract 30 million pilgrims by 2030 and as a result, we expect the demand for hotels in the holy cities to increase further in the coming years,” Al-Maimani added.
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