Dur Hospitality Co. signed an agreement with Saudi Hotel Services Co. to manage and operate Riyadh Palace Hotel for 20 years, the company said in a statement on Tadawul.
Dur will receive revenue and net profit percentages in return, it added, without mentioning the full value or amount.
Financial impact of the agreement will show in the first quarter of 2017, the company added.
The 303-room hotel is located in downtown Riyadh close to a number of ministries and commercial banks, and has several restaurants and event places.
Du Hospitality owns a 70 percent stake in Saudi Hotel Services Co.
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