Hotel operator Carlson Rezidor has signed a long-term development agreement with Al Hokair Group in Saudi Arabia to develop and operate more than 30 properties across the kingdom.
The deal covers both existing and new hotels, resorts and serviced apartments under the Radisson Blu and Park Inn by Radisson brands, with the properties opening over the next 15-20 years.
At present, Carlson Rezidor operates seven hotels in Saudi Arabia with a number of owners, with another 15 expected to open within the next 30 months.
“This strategic alliance is a milestone for our rapid expansion in Saudi Arabia, a key focus country for our group,” said The Rezidor Group president & CEO Wolfgang Neumann.
“The Kingdom offers massive opportunity for the development of hotels, domestic resorts and serviced apartments; and we are delighted to partner with Al Hokair Group that has an unparalleled presence, market reach and hospitality expertise in the region.”
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The two companies are planning to establish new properties in major markets such as Riyadh, Jeddah, Makkah and Medina, as well as the Eastern Province (Al Khobar, Dammam, Jubail) and upcoming secondary cities such as Jizan, Hail, Tabuk, Al Baha, Al Khafji and Najran.
“This business venture creates shareholder value to both organisations. As a global operator with a local attribute, we now provide an unprecedented value to existing and new partners in the Kingdom,” added Rezidor senior vice president & head of group development Elie Younes.
“Currently, many secondary cities in Saudi Arabia lack quality accommodation for business and leisure travellers alike. So besides strengthening our position in primary markets, we also want to pioneer in secondary markets.
“We believe in transparent, responsible and long-term business relationships with our owners and look forward to our business journey with Al Hokair and in Kingdom of Saudi Arabia.”
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