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The 210-key Hilton Riyadh King Fahd Road is scheduled to open in 2014.
It would follow the Hilton Riyadh King Saud University, Hilton Riyadh King Saud University Residence and the Hilton Riyadh Hotel & Residence — all scheduled to open by next year.
Located on King Fahd Road, the hotel will be next door to the iconic Kingdom Tower and at the hub of all commercial and administrative activity in the Kingdom.
Construction work has already commenced.
It will also be in close proximity to the Diplomatic Quarter as well as the King Khaled International Airport.
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."
"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," said Rudi Jagersbacher, area president, Hilton Worldwide, Middle East & Africa.
Fahad bin Abdul Rahman Thanayan Al-Obeikan said: "King Fahd Road is the commercial hub of Riyadh and we are delighted to collaborate with Hilton Worldwide to introduce the Hilton Hotels & Resorts brand into this area. The new hotel will be a great fit for this area of town and we hope it will be representative of the quality of Riyadh's hospitality industry, as the city welcomes increasing numbers of visitors year on year.”