Al Akaria inks contract with Hilton to manage, operate hotel in Porta Jeddah project

Logo of Saudi Real Estate Co. (Al Akaria) 

Saudi Real Estate Co. (Al Akaria) signed, on June 18, an agreement with Hilton Worldwide to operate and manage the Canopy by Hilton Hotel within the Porta Jeddah project. 

The contract has a term of 20 years with no specific value as the operator receives a share of the revenue and profit, as compensation for managing and operating the hotel, the company said in a statement on Tadawul. 

The hotel will be located in An-Nahdah district, Jeddah. It will feature 183 keys and 55 serviced apartments complemented with an array of F&B outlets, meeting space, as well as leisure and sports facilities.

The financial impact of the agreement is expected to be realized upon the commencement of hotel operations, which is anticipated in 2028, the statement said, indicating that no related parties to the deal.