The Ascott Limited (Ascott) is continuing to expand its operations in Saudi Arabia by unveiling plans for ‘The Ascott Villas Riyadh’.
Earlier this year Ascott unveiled plans to operate two properties – the 172-key Ascott Corniche Al Khobar and 133-unit Somerset Downtown Al Khobar, which are set to open in 2018 and 2019 respectively.
At ATM, Ascott’s country general manager for the GCC region Vincent Miccolis told Hotelier that the operator aims to operate 5,000 rooms, up from its existing 2,200 rooms in the region.
The serviced residence operator inked an agreement with Bathel Alkhair Establishment for Trading and Real Estate which puts the project on track to open by November 2017.
Miccolis revealed that the 92-unit five-star serviced villas would be the group’s landmark and exclusive offering in the Saudi Arabian capital. It will also strengthen Ascott’s position in the serviced residence space in Saudi Arabia, with 980 units in seven properties across three cities.
“Once the refurbishment and conversion of the property is completed, The Ascott Villas Riyadh will feature fully equipped serviced luxury villas and dedicated business and leisure facilities, including a business centre, fully equipped gym, swimming pool, squash and tennis courts, restaurant, residents’ lounge, and children’s playground,” said Miccolis.
Ascott has another property in Riyadh, the 234-units ‘Ascott Rafal Olaya Riyadh’, which is due to open in the latter part of 2016.
Miccolis shared a little bit about the owners as well stating that the Saudi-based company mainly operates in the real estate space and also has financial investments, including the development of residential and hospitality projects, and investment in capital and private equity markets.
Currently, the group owns several residential properties and hotels in various cities in Saudi Arabia.
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