Medina: Hilton Worldwide Manage Limited has signed an agreement with the Company to provide branding and marketing license and hotel services for the residential tower in the Knowledge City Hub Project in Medina, the Company announced on Wednesday.
The residential tower, which includes 64 luxury apartments and a penthouse, will be branded under the Hilton name and trademarks as a branded residence project and serviced by Hilton. The residents will also have access to the facilities of the adjacent Hilton Hotel, which offers 354 five-star rooms and a large banquet and conference hall.
The agreement, which was signed on February 15, 2024, has a fixed initial fee and a percentage of sales as license fees with annual services fee on the residential unit owners. The contract duration is aligned with the terms of the hotel management documentation for the Hilton Hotel, which was agreed upon earlier for an initial period renewable for more terms.
The Company said that the branding and marketing licensing for the branded residence tower by Hilton enhances the total value of the residential tower. The financial impact of the agreement will be reflected along with the time and periods of sale of residential units.
The Knowledge City Hub Project, also known as Al-Multaka, aims to be an additional social and economic destination for Medina with its multi-use components. The project, which covers an area of 1.6 million square meters, features a main market, an events area, closed entertainment halls, a cinema, a health club, and a boulevard area overlooking a garden and green areas.
The work on the tower skeleton is in its final stages and the project completion date will be determined upon signing the electromechanical and finishing works contracts, the Company added.
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