Logo of Knowledge Economic City (KEC)
Knowledge Economic City (KEC) signed a contract with Hilton Worldwide Manage Ltd. to provide brand and hotel services for the residential tower in the first phase of KEC's Multaka Al Madinah project.
The contract, inked on Feb. 15, includes initial fees, sales percentages, and an annual fee linked to the use of hotel services by hotel apartment owners, KEC said in a statement to Tadawul.
According to the contract, the residential tower will benefit from the Hilton brand and services tailored to luxury residential projects served by Hilton. Residents of the residential tower will also have access to all associated hotel facilities.
The company clarified that the contract aligns with agreements and conditions related to managing the Hilton hotel adjacent to the residential tower. The initial duration of these agreements is mutually agreed upon and subject to renewal.
The financial impact, KEC noted, involves enhancing the brand offered by Hilton for the residential tower through the commercial value of the tower and the sale of hotel apartments. It will be reflected over the duration and periods of selling the hotel apartments.
There are no related parties to the contract, the statement added.
The residential tower comprises 64 luxurious hotel apartments with various sizes up to 530 square meters and a penthouse with an area of 760 square meters.
The concrete structure of the residential tower is nearing completion, and the project's completion date will be determined upon signing contracts for electromechanical works and finishes.
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