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Riyad REIT Fund — Capital/Financing Update 2019
Apr 14, 2019
53442_rns_2019-04-14_932e3446-a4c3-4220-b038-9b47ed3bd8c4.html
Capital/Financing Update
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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)
4330 · 14/04/2019 15:21:33 · Announcement #54351 · View on Saudi Exchange
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)
4330
RIYAD REIT
-2.71 %
1440/08/09 14/04/2019 15:21:33
| Element List | Explanation |
|---|---|
| Announcement Detail | 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.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.