Taiba For Investments Co. (Taiba) signed a deal with Hilton International to operate its hotel in Jeddah under the DoubleTree brand, it said in a statement to Tadawul on Thursday.
The move aims to expand its operations as well as business and investment portfolio in the hospitality sector.
The contract value was not specified but the operator will receive a percentage of the revenue and profits generated from the managing and operating of the hotel.
The contract is valid for 15 years from the date of launching operations.
The relevant financial impact will reflect on Q4 2024, the statement noted, adding there are no related parties for the deal.
The 450-key hotel is located on Alandalus Road, opposite King Abdullah Square, in Jeddah.
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