Riyad REIT announces its decision to discontinue Kempinski’s management of the Burj Rafal Hotel.
The decision is issued as part of the Fund’s continued effort to protect the interests of unitholders in the Fund. The Burj Rafal Hotel shall temporarily continue to operate and serve its customers by its own staff under the name of Burj Rafal Hotel and such decision is not expected to effect the current income of the Burj Rafal Hotel.
The above mentioned decision is taken as part of the Fund’s wider objectives to position the hotel to capture the increase in business activities expected to emerge from Vision 2030 initiatives, the opening of King Abdullah Financial District, and the G20 Summit being held in Riyadh. Additional changes intended to be carried out at the Burj Rafal Hotel include additional investment in the food and beverage offering by attracting reputable and specialized brands and utilizing more than 3,000 square meters of commercial space within the hotel.Any additional material changes will be announced as they occur.