New Radisson Blu Hotel planned for Riyadh, KSA

Capitas Group International and Mafaz Properties have signed a partnership agreement to develop a new Radisson Blu Hotel in Riyadh, in order to target the increasing number of business travellers in the market.

The 15-storey mixed use property will feature a 200-key hotel, 87 serviced apartments and will include a banquet hall, offices and a retail podium.

The hotel will be located on Riyadh’s North Ring Road, near the Riyadh Business Gate and King Abdullah Financial District, and 20 minutes from the city’s commercial business district.

Commenting on the partnership, Capital Group International CEO Naveed Siddiqui said: “The demand for this type of hospitality product is expected to increase by 7% annually over the next decade. In addition, the demand for branded, serviced apartments is severely underserved – with only two existing properties in Riyadh. Mafaz’s Radisson project fills a major gap in the market.”

Mafaz Properties, is a subsidiary of Mafaz International Development Company, will serve as the project sponsor.

Mafaz International Development Company managing director Emad Al-Hubayyeb said: “I am very pleased to have formalized this relationship with Capitas Group International. While we considered working with several firms, CGI’s significant value-add is their ability to combine technical real estate expertise with a deep understanding of the financial issues involved in real estate development. We are excited to move forward.”