Hilton signs deal to operate fourth hotel

Hilton Worldwide said on Wednesday it has signed a management agreement to run a fourth hotel in Riyadh, Saudi Arabia. The deal with Obeikan Real Estate Development Company will see the hotel giant operating the 210-key Hilton Riyadh King Fahd Road which is scheduled to open in 2014. It will be the fourth Hilton Property in the Saudi capital after the Hilton Riyadh King Saud University, Hilton Riyadh King Saud University Residence and the Hilton Riyadh Hotel & Residence, all scheduled to open by 2013. Dave Horton, global head, Hilton Hotels & Resorts said: \"We hope our presence will help the capital meet the growing demand for premium hotels with global expertise and local sensibilities. \"This latest signing in Riyadh will complement our existing pipeline in the city and we eagerly anticipate opening up our first Hilton Hotels & Resorts property in such an important city.\" Construction on the hotel has already started, he added in a statement. Rudi Jagersbacher, area president, Hilton Worldwide, Middle East & Africa, added: \"While our existing pipeline covers East and West Riyadh, this partnership with the Obeikan Real Estate Investment Company will give us a presence in the prestigious downtown district of the capital. \"The location is a perfect match for the brand and will help us cater to Riyadh\'s diverse audience spanning the high-end leisure and business segments.\" Traditionally a corporate destination, tourism to Riyadh has been primarily driven by administrative activities and commercial developments in and around the city. The government\'s drive to develop the non-oil sector has resulted in some of the largest developments in the region including the Information Technology & Communication Complex and King Abdullah Financial District. Hilton Worldwide currently has six hotels operating and 14 hotels in the development pipeline in Saudi Arabia.