The French hospitality group Accor (OTC:ACCYY) has partnered with Saudi Arabia’s Erth Real Estate Co. on an endeavor to open three new luxury hotels in the Saudi capital of Riyadh.
The hotels are part of new master planned development project and will include a 230-key Raffles hotel, a 250-key Sofitel Serviced Residence and a 60-villa MGallery resort, all set to open by 2027. The London-based architecture firm Foster + Partners will design the three structures.
Raffles Riyadh and Sofitel Extended Stay at Al Yasmin District will consist of 34-storey and 42-storey towers, respectively, within the $1.1 billion Saudi Riyal Al Yasmin District in the heart of the capital, while the new MGallery Resort Riyadh will be 20 minutes away from Riyadh city center and will consist of 60 low-rise villas in a valley surrounded by date farms.
Accor currently operates 42 properties in Saudi Arabia totaling more than 16,000 rooms and has a development pipeline of 34 properties which will add approximately 7,000 rooms by 2027.
Photo: An artist’s rendering of the upcoming Raffles and Sofitel hotels in Riyadh.