The hotels will be developed through a real estate investment fund being established and constructed in the southern part of Knowledge Economic City, which is located adjacent to Madinah in western Saudi Arabia. The contracts have been signed by Al-Gharaa International Real Estate Development Company Limited, in which KEC holds an 80% stake with hospitality giants Radisson, InterContinental Hotels Group, Marriott, Hilton and Archipelago International Group Indonesia to manage operate multiple hotels each. The hotels area will be surrounded by the Haramain High-Speed Train Station as well as the adjacent projects, and open green areas, including parks and pedestrian pathways, the smart infrastructure provided by KEC and supported by smart transportation that connects all IWD areas to other destinations, according to a KEC filing with the Saudi bourse Tadawul. The manage and operate contracts range from a period of 10 to 20 years, with the option to extend further. Although a contract or transaction value has not been disclosed, each chain hotel operator will charge a percentage of revenue and gross operating profit. The hotels are set to open in the fourth quarter of 2027. Earlier in May 2024, KEC signed a deal with Hyatt to bring two branded hotels to Knowledge Economic City. KEC is a publicly listed company established to develop and manage the delivery of the Knowledge Economic City master-planned development.     For registration as a supplier: https://www.madinahkec.com/contractorsregistering (ICE RIYADH)

Fonte notizia: Construction Week