Riyad Capital Announces Material Development Relating to Riyad REIT (Signing a management and operation agreement with Hilton to manage the Hilton Garden Inn Hotel Riyadh - King Fahd Road)

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Riyad Capital announces that Riyad REIT had signed a management and operation agreement with Hilton to manage the Hilton Garden Inn Hotel Riyadh - King Fahd Road. The management and operations agreement extends for a period of twenty years starting from the date of operation of the hotel which is expected to be in early 2021 after the completion of renovations of Fursan Towers. 

The Hilton Garden Inn Riyadh - King Fahd Road will be comprised of more than 150 hotel rooms, 8 meeting rooms and service facilities as well as commercial rental space on King Fahd Road which will be managed by the Fund Manager. Currently, designs, architectural plans, and assignment of the contractor are under final process. The Fund Manager expects that the results will be positive on the fund, and will announce any significant development at the time.