Announcement by SNB Capital Company of signing a management agreement with Hilton to operate the hotel owned by AlAhli REIT Fund (1)
SNB Capital Company announces signing a management agreement with Hilton to operate one of the assets owned by AlAhli REIT Fund (1). The hotel will be operated under the brand name “DoubleTree by Hilton” following soft renovation. The work is expected to be completed in 2024 and funded through a loan.
The hotel comprises 164 keys with a mix of studios, one-bedroom apartments, and two-bedroom apartments. It is strategically linked to AlAndalus Mall, one of Jeddah’s most popular shopping destinations. It is also adjacent to the first upcoming Sulaiman Al Habib Hospital in Jeddah, which is currently under development and will have 330 beds and 245 clinics.
The Fund is expected to see a positive financial impact from the year 2025.