Millennium & Copthorne to operate Makkah Construction’s hotel towers for 20 years

05/07/2017 Argaam

Makkah Construction and Development Co. has signed a 20-year management agreement with Millennium & Copthorne Middle East Holdings Limited, the Saudi company said in a bourse statement.

 

No fixed value was determined for the deal, the statement added.

 

Under the agreement, which will be effective as of Sep. 1, 2017, Millennium & Copthorne will manage and operate Makkah Construction’s five-star hotel towers in Makkah, in return for a share in profit.

 

Financial impact will be reflected on Q4 2017 earnings. 

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.