The Ascott Limited (Ascott) has unveiled its plans for Ascott Corniche Al Khobar, continuing to grow its presence in Saudi Arabia.
At the signing event held in Riyadh, Saudi Arabia representatives from Ascott and the owner, Riyadh Real Estate Income Company, signed a management contract that puts the project on track for opening in mid-2018.
The 172-unit Ascott Corniche Al Khobar will be on Prince Turki Street within the Corniche area of Al Khobar, which is home to a wide selection of restaurants, boutiques and shopping malls.
When fully operational it will comprise a mix of accommodation spread across 13 floors.
Additional facilities will include a restaurant, gym, sauna, steam bath, Jacuzzi, covered swimming pool. business centre, cigar lounge and outdoor car parking.
“We are delighted to sign the contract with Riyadh Real Estate Income Company to develop Ascott Corniche Al Khobar which, upon its opening in 2018, will be the first branded serviced residence in the prime Corniche district,” commenyed Tony Soh, chief operating officer, The Ascott Limited.
The residences will target leisure and business travellers not just for long stay, but short trips as well.
As one of the main cities in Saudi Arabia’s oil-rich Eastern Province, Al Khobar forms what is known as ‘the Triplet Cities’ along with Dhahran and Dammam, which are approximately 20 km away from each other and together form one of the Kingdom’s most significant metropolitan areas.
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