Riyad REIT fund has inked a deal with Marriott International for hospitality management of Burj Rafal Hotel in Riyadh, Invest-Gate reports.
Marriott will take over the hotel in Q1 2020 for the renovation process, and then it will be rebranded as JW Marriott Hotel, marking the debut of the brand in Saudi Arabia, according to a bourse filing to the Saudi Stock Exchange (Tadawul).
“The combination of one of the largest hotel operator’s luxury brands (JW Marriott) in a flagship property with new lifestyle dining options achieves our aim of positioning a destination in the northern growth corridor of Riyadh,” Abdulaziz Al Mousa, Riyad REIT fund manager, said.
The hotel is deemed to be “the hospitality element within the master plan of the future mixed-use project ‘Capital Gate’ that will be developed through Riyad Capital. Capital Gate will offer over 100,000 square meters of office, retail, and entertainment space that will be connected to the hotel, offering a true mixed-use atmosphere,” he added.
Jerome Briet, chief development officer of Marriott International for the Middle East and Africa, said “Saudi Arabia remains an important growth market for the company…We are also seeing an increasing demand for conversion deals in the country, which is a strong reflection of Marriott’s powerful network, compelling brand portfolio, loyal customer base and commitment to deliver value for our owners.”