SNB Capital inks hotel management agreement with Hilton

12/04/2023 Argaam

SNB Capital signed a management agreement with Hilton to operate one of the assets owned by AlAhli REIT Fund (1), according to a filing to Tadawul.

 

The hotel will be operated under the brand “DoubleTree by Hilton” following soft renovation.

 

The work is expected to be completed in 2024 and funded through a loan, the statement noted.

 

The hotel comprises 164 keys with a mix of studios as well as one- and two-bedroom apartments.  

 

It is strategically linked to AlAndalus Mall, one of Jeddah’s most popular shopping destinations.

 

The hotel is adjacent to the first Sulaiman Al Habib Hospital in Jeddah, which is currently under development and will have 330 beds and 245 clinics.

 

The move is expected to reflect positively on the fund's financials starting from 2025.

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