Taiba Holding signs deal to develop Sheraton Hotel in Madinah
Taiba Holding has signed a deal with Marriott International to develop the Sheraton Taiba Hotel, close to Al Masjid Al Nabawi in Madinah, the company said in a statement.
No further details were mentioned about the deal value.
Construction on the hotel is expected to begin in Q2 2020 and commence operations in 2023.
Built across a 1,019 square meters land plot, the 5-star Sheraton Taiba Hotel is funded by Taiba Holding along with a Shariah-compliant loan.
The new facility will comprise 268 spacious and modern guest rooms. Reflecting the new direction of the brand, the hotel will offer collaborative venues, technology enabled design, and three culinary concepts under Sheraton’s food and beverage (F&B) philosophy.
The agreement was signed by Taiba CEO Gasem bin Abdul Ghani Al Maimani, and Alex Kyriakidis, President and Managing Director, Middle East & Africa at Marriott International.
"This deal underscores our mission and a renewed focus on expanding Taiba’s real estate investment and development activities by leveraging our substantial land bank in Saudi Arabia to develop hotel properties that support the economy, whilst delivering memorable experiences to Madinah’s regional and global guests,” Al Maimani said.
The government plans to attract 30 million pilgrims by 2030 and as a result, the demand for hotels in the holy cities is likely to grow further in the coming years, he concluded.