Le mie ricette per la real estate communityHilton and Shomoul Holding Company announced today the signing of a landmark agreement to develop and operate four hotels in The Avenues – Riyadh, the largest mixed-use development project in the Kingdom of Saudi Arabia. The development will include one of the world’s largest malls, with a leasable area of approximately 400,000 sqm housing more than 1,300 stores.
The SAR13bn ($3.4bn) project will also include five multi-purpose towers consisting of hotels, exhibition, conference halls, residential apartments, offices and medical facilities.
The Avenues – Riyadh is located at the entry point of the capital city, overlooking the intersection between King Salman and King Fahad Roads, and just a few minutes away from King Khalid International Airport. When completed in 2023, the project will be a beautiful architectural landmark in Riyadh, embodying the success of The Avenues – Kuwait, with its multiple districts and unique design. This mega project, with its different stages from construction to opening and operation, will create approximately 40,000 job opportunities.
The development will feature a mix of luxury retail, high street brands, in addition to traditional stores that are modelled on a traditional Riyadh Souk in respect to the region’s traditional retail architecture. The design reflects Riyadh’s contemporary lifestyle and culture, offering a diversity of districts, each designed in a different theme in harmony.
Hilton will operate four of its industry-leading brands at The Avenues – Riyadh, including a 350-room Waldorf Astoria, a 400-room Conrad – both offering Hilton’s unique luxury experiences – a 500-room Hilton Garden Inn, and a 150-room Canopy by Hilton – the first of Hilton’s lifestyle Canopy brand in the Middle East.
Speaking at the signing ceremony, Mohammed A. Alshaya, Chairman of Shomoul and Mabanee, said: “I am very proud to once again partner with Hilton at another of our ground-breaking Avenues projects in the region. The Avenues – Riyadh is a signature development offering a unique and ultimate lifestyle destination in the region, and will be the largest in our expansion portfolio. We believe that having four of Hilton’s world-class brands as part of the towers will create an incredible destination for shoppers and travellers across the region and from around the world in Riyadh.”
“The Avenues – Riyadh is an incredible opportunity for Hilton to bring four of our industry-leading brands to one development project for the very first time. I am especially proud that we are signing this unique project in our 100th year – our most dynamic year yet,” said Chris Nassetta, president and CEO of Hilton. “Mohammed A. Alshaya and his team have been fantastic partners in this project and we look forward to doing our part to contribute to the Kingdom of Saudi Arabia’s vision for tourism.”
The announcement reinforces a growing partnership with Hilton, which already includes two hotels within the new expansion of The Avenues – Kuwait, namely the five-star Waldorf Astoria and the four-star Hilton Garden Inn, in addition to the Hilton Garden Inn in The Avenues – Bahrain.
In accordance with the Saudi Arabian government’s Vision 2030, The Avenues- Riyadh will promote and support increased tourism into the Kingdom, which currently accounts for some 9.4% of GDP and is expected to rise by almost 5% per annum for at least the next 10 years.
All four properties will participate in Hilton Honors, the company’s award-winning guest loyalty program that currently serves more than 85 million members.
About Shomoul
Shomoul Holding is a joint venture between Mabanee, the largest real estate company in Kuwait in terms of market value and one which created a change in the tourism and retail sectors, and the Saudi-based Al Fozan Group, one of the leading players in the Saudi retail, industry, real estate and commerce sector, and Alshaya Group, a Kuwait-based family business established in 1890 and a group of leading companies in the Middle East’s commerce, retail and real estate sectors, as well as in investment, vehicles and projects.
Based on a long-term vision and belief in the investment and real estate development opportunities in the Kingdom of Saudi Arabia , The company has put in place a number of projects that are being designed and implemented with the highest international standards, thus achieving the goals of the investors . The current portfolio of the company includes two major projects in Saudi Arabia, namely, The Avenues-Riyadh and The Avenues-Khobar, which are inspired by the success of The Avenues- Kuwait.
About Hilton
Hilton (NYSE: HLT) is a leading global hospitality company with a portfolio of 17 world-class brands comprising more than 5,600 properties with nearly 913,000 rooms, in 113 countries and territories. Dedicated to fulfilling its mission to be the world’s most hospitable company, Hilton earned a spot on the 2018 world’s best workplaces list, and has welcomed more than 3 billion guests in its nearly 100 year history. Through the award-winning guest loyalty program Hilton Honors, more than 85 million members who book directly with Hilton have access to instant benefits, including digital check-in with room selection, Digital Key, and Connected Room.
Pic : Chris Nassetta , left , and Mohammed A. Alshaya
Source : Joint press release