Real estate investment and development firm Taiba Investments Company and Intercontinental Hotels and Resorts Group (IHG) have signed a management agreement for Crowne Plaza Hotel, Taiba Riyadh.
Located in the Olaya district, the four-star hotel features 192 rooms and 110 hotel suites.
Taiba CEO Saleh Al-Habdan said: “Riyadh is expected to attract more visitors, especially in light of the launch of many pioneering initiatives such as Riyadh for Sustainability and the Riyadh Vision, which aims to increase tourism and economic flows to the city of Riyadh.”
Dining venues at Crowne Plaza Hotel, Taiba Riyadh include an all-day dining café, an international restaurant, and a lobby lounge.
In addition to these, the hotel has 200m2 meeting space, fitness centre and other entertainment facilities.
IHG IMEA managing director Haitham Mattar said: “With the signing of Crowne Plaza Taiba Riyadh, we continue to expand our footprint in the Kingdom. Our premium brand, Crowne Plaza, is a perfect fit for modern business travellers who desire a seamless transition between work and rejuvenation and therefore supports the business and leisure tourism offer put forth in Vision 2030.”
Crowne Plaza Hotel, Taiba Riyadh marks the first hotel to be developed and constructed in Riyadh by Taiba as part of a strategic alliance with IHG.
To be owned by Taiba’s subsidiary AlAqeeq Real Estate Development Company, the property is slated to begin operations by 2025.
The contract runs for 15 years from the date of operation.
Mattar further added: “We are also honoured to have a partner in Al Aqeeq Real Estate Development Company, which is known for experience and expertise in the sector. The new build hotel will greatly benefit from increasing demand from the centre and enhance the city’s hospitality offerings.”