The Kuwait-based hotelier has taken the unusual move of converting an office tower for its new 130-key property, set to open in Q2 2016.
Action says that the project, located in the Olaya district, will be accomplished in very short timeframe – just over 12 months.
Alain Debare, CEO, Action Hotels, said: “There is great potential for Action Hotels in the Kingdom, and in Riyadh in particular. Although the Riyadh hotel market is a mature market, there is considerable demand for mid-economy branded hotels from the corporate segment, yet this segment is currently under supplied."
Advertisement |
According to STR Global, Riyadh had one of the highest average daily rates in 2014 in the Middle East.
Action has signed a 20-year lease to operate the property and is finalising a long-term management agreement with a hotel brand, which should be announced shortly.
The Riyadh property will be its ninth hotel.