KEC, Archipelago in JV for new hotel-management unit

KEC signed a joint venture with Archipelago International to establish a new hotel-management company with financial impact to follow after operations begin

Knowledge Economic City (KEC) signed a joint venture agreement with Archipelago International Co.  to establish a new company specializing in hotel management and operation, according to a statement to Tadawul.

The term of the joint venture will be determined in the Articles of Association of the new company upon establishment.

The relevant financial impact will appear in KEC’s operating revenue from the hotel management business activities. The exact value and timing of this impact will be determined following the company’s incorporation and commencement of operations.

Started in 1997, Archipelago International Indonesia is Southeast Asia's largest privately owned hotel management group, with more than 45,000 rooms and residences in over 200 locations across Southeast Asia, Latin America, the Caribbean, the Middle East, and Oceania.

It has a long track record and award-winning brands including Aston, The Royal Alana, Huxley, Kamuela, Avanika, Harper.

Archipelago is now moving into other markets across the globe such as Australia, the Middle East, and South America.