The project has been awarded to Al Saad Contracting Company. The value of the contract is SAR 377.5 million (USD 100.6 million).
Site preparations are in progress. MEP and interior works contractor will be appointed in December 2021.
Client has signed a hotel management agreement with InterContinental Hotels Group (IHG) to operate the this four-star property, which is owned by Al Aqeeq Real Estate Development Co., a fully-owned subsidiary of Taiba. Under the agreement, IHG will manage and operate the Crowne Plaza hotel, which will be constructed in Olaya district at the intersection of Makkah Al Mukarammah-Takhassusi Road The hotel consists of 192 rooms and 110 serviced apartments with strong food and beverages (F&B) offering, including a lobby lounge, an all-day dining, a cafe, meeting space, as well as fitness and recreational facilities. The contract has no specific value, as the operator receives a percentage of the revenue and profits in lieu of the hotel management and operations. The agreement has a term of 15 years from the date of hotel operations.
March
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2024
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LAST UPDATED
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