Riyadh – Mubasher: Knowledge Economic City has signed agreements with Hyatt International for the management and operation of hotel facilities and the provision of consultancy services in exchange for a share in the facilities’ operating revenues.
Under the terms of the agreements, Hyatt International will manage and operate the hotel and the hotel Apartments of the Alalya Project through Hyatt brands, according to a bourse filing.
The company will also provide technical and engineering consultancy services in the design and execution phase for the hotel and hotel apartments.
The Hyatt Centric and Hyatt House are two 4-start hotel and hotel apartment projects that are planned to include 130 keys and 420 apartments, respectively.
They are located in Al-Alya, which is a mixed-use project that features hospitality, residential, offices, retail and knowledge sectors.
The Alalya project encompasses 70 connected villas known as "mansions," retail areas covering approximately 29,000 square meters, a spacious mosque, and a nursery.
During the first nine months (9M) of 2023, Knowledge Economic City's net losses after Zakat and tax surged by 122.41% to SAR 23.88 million from SAR 10.73 million in 9M-22.
