Millennium & Copthorne has officially signed a contract with Waseel Properties to manage the first Studio M branded hotel in the Middle East, with Raseel Properties officially announced as the developer.
The 145-key property will be located in Riyadh on King Fahd Road is set for a Q2 2015 opening.
Millennium & Copthorne Hotels MEA president & CEO Ali Hamad Lakhraim Alzaabi said: “In Waseel, Millennium & Copthorne has found a like-minded partner that recognises the potential return of developing and operating a stylish and innovative budget brand such as Studio M.
“Studio M is a very distinctive brand that addresses an under-represented segment of the regional market. In Riyadh, budget hotels account for just 10% of existing supply and only 1000 rooms in the pipeline, compared to 7000 for the upscale to luxury segments.
“We see tremendous potential for a contemporary budget brand, given that this existing market segment is too often represented by independent properties of variable quality."
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The modern concept, designed by Italian architect and interior designer Piero Lissoni, has been created to appeal to smart and trendy corporate and leisure travellers, offering tech-driven functionality.
Studio M Hotel, Riyadh by Millennium will feature dedicated meeting facilities and a new all-day dining concept called ‘At the M’ as well as a swimming pool, gym, pool deck, and a number of retail outlets.
Millennium & Copthorne has also identified several other locations in Abu Dhabi, Al Khobar and Jeddah for the budget brand, and is already in negotiations for sites in Doha and Dubai, both of which are at an advanced stage.
Up to six properties are expected to be signed or launched by 2017.
“Considering the current investor interest, we estimate that the brand will develop beyond these initial sites to as many as 20 locations within the next five years and we are looking forward to attracting young, upwardly mobile, tech-savvy travellers to this brand proposition,” added Alzaabi.
Currently Millennium and Copthorne Hotels & Resorts operates 17 hotels, with approximately 5000 rooms across the United Arab Emirates, Kuwait, Jordan, Qatar, Oman and Iraq.
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