Mubasher: Mabanee Co announced that its subsidiary Shomoul Holding has signed an agreement with Hilton Hotels & Resorts to develop and operate four hotels in Saudi Arabia, according to a bourse disclosure on Tuesday.

Hilton will operate and develop four landmark hotels in The Avenues – Riyadh, the largest mixed-use development project in the kingdom.

The Avenues – Riyadh is worth a total of SAR 13 billion ($3.4 billion) and will include five multi-purpose towers that consist of hotels, exhibition, conference halls, residential apartments, offices, and medical facilities.

It is noteworthy that Shomoul is a joint venture between Mabanee, the Saudi-based Al Fozan Group, and Alshaya Group.

“Hilton will operate four of its industry-leading brands at The Avenues – Riyadh, including a 350-room Waldorf Astoria, a 400-room Conrad – both offering Hilton’s unique luxury experiences - a 500-room Hilton Garden Inn, and a 150-room Canopy by Hilton – the first of Hilton’s lifestyle Canopy brand in the Middle East,” according to a press release on Tuesday.