Riyad REIT inks deal with Marriott to operate hotel in Riyadh

Riyad REIT Fund signed an agreement with Marriott International to operate its Burj Rafal Hotel in Riyadh.

Following renovation process, the property will be rebranded as a JW Marriott Hotel, marking the debut of the brand in Saudi Arabia, the fund said in a statement on Wednesday.

Abdulaziz Al Mousa, Riyad REIT Fund Manager said that Marriott International will take over the operations of the hotel and undergo an improvement plan in Q1 2020. This include the introduction of new dining concepts such as Kahwet Al Mandaloun and JW Grill.

He further noted that the ambitious plans of the government to transform the leisure, entertainment, and business environment have already taken a foothold in the Kingdom.

“The hotel will represent the hospitality element within the master plan of the future mixed-use project – Capital Gate – that will be developed through Riyad Capital – the fund manager of Riyad REIT,” he added.

Capital Gate will offer more than 100,000 square meters of office, retail, and entertainment space that will be connected to the hotel, Al Mousa further said.

Jerome Briet, Chief Development Officer, Middle East & Africa, Marriott International, said in turn that Saudi Arabia remains an important growth market for the company which continues to see opportunity to further diversify its footprint in the Kingdom.

The property is part a 64-storey skyscraper, and is home to residential apartments, and STC Academy, the Saudi Telecom Company’s technology and leadership academy.