Colliers International Hotels has successfully finished the operator search and selection on behalf of United Youth Company (UYC) with the appointment of Accor to operate a new Novotel in Riyadh.
The appointment is the eighth consecutive signing within eighteen months for Colliers International Hotels MENA.
Following the signature of the management agreement between United Youth Company (UYC) and Accor, president of UYC Mutaz Hassanain commented on the contribution of Colliers International: “I would like to voice my appreciation for the professionalism and dedication shown by Colliers International throughout the initial feasibility studies and the subsequent negotiations with Accor.
“In particular I would like to thank Filippo Sona (Colliers head of hotels, MENA), whose experience and lucidity facilitated our understanding of a number of the complex technical issues contained in the Agreement; and who also provided first class support to the UYC team throughout the negotiations.”
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The Accor development team stated: “Operator selection process led by Colliers International was carried-out in a structured, constructive and timely fashion. Thanks to their market knowledge and robust methodology, Colliers International team was able to extract the maximum value for the owner’s investment while ensuring proper alignment with industry best practice.”
The Novotel signing adds to a list of completed operator selection processes conducted by Colliers International Hotels MENA, such as Aloft by Starwood at Al Ain Football Club Stadium and Millennium Hotels and Executive Apartments on Jeddah Corniche.
Located in the northern part of Riyadh, this latest signing, the Novotel, Riyadh will have 215 rooms and is expected to be completed in 2017.
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