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A U.S. investment firm has teamed up with a Saudi Arabian industrial conglomerate to invest $1 billion into the region’s business hotels.
A statement from Patel Family Office and Saudi industrial conglomerate Abdel Hadi A. Al-Qahtani & Sons (AHQ), released Friday, detailed plans to develop 50 hotels with 5,000-7,000 rooms across the Kingdom by 2029.
The properties, situated in economic centers of Riyadh, Jeddah, and Dammam, will be managed through a hospitality platform called Ayara but sit under the branding of international hotel groups “serving the Kingdom’s booming corporate and business travel sector”.
The rooms will be designed to fit around
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