Knowledge Economic City Company’s (KEC) 80%-owned subsidiary, Al Geraa International Real Estate Development Company, has signed five contracts to manage and operate the first phase of hotels at the Islamic World District project.
 
These hotels, constructed in the southern part of Knowledge Economic City, will be developed through a real estate investment fund, the company said in a statement to the Saudi stock exchange on Thursday.

The first contract was signed with Hilton Worldwide, which will manage and operate 1,415 keys. A total of 732 rooms will be managed under the Hilton Garden Inn brand. Another 400 will be managed under the Hampton brand and 283 under Hilton’s Home2 Suites.
 
The contract term is 15 years, which is extendable by mutual agreement for two additional terms, each for five years.
 
The second contract was signed with Marriott International for 1,264 keys, split into 456 rooms to be managed under the Courtyard by Marriott brand, 558 keys under the Four Points by Sheraton brand, and 250 under the Residence Inn by Marriott brand.
 
The contract is valid for 20 years, extendable by mutual agreement for two additional terms, each for five years.
 
The third contract was inked with InterContinental Hotels Group for 1,057 rooms. A total of 350 keys will be managed under the Holiday Inn brand, 505 under the Holiday Inn Express brand and 202 under the Holiday Inn Suites brand.

The agreement will run for 15 years, extendable by mutual agreement for two additional terms, each for five years.
 
The fourth contract was signed with Radisson Hospitality, which will manage and operate two hotels with 757 keys, divided into 611 and 146 rooms and serviced apartments under Park Inn by Radisson brand.
 
The contract term is 15 years, extendable by mutual agreement for two additional terms, each for five years.
 
The fifth contract was signed with Archipelago International Group to manage and operate two hotels with 649 keys, including 519 Aston Hotel rooms and 130 apartments under the Aston Residence brand.
 
The deal is valid for 10 years.

All the contracts are extendable by mutual agreement for two additional terms, each for five years, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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