The Red Sea Development Company has announced which luxury hospitality brands have signed up to operate properties within this vast regeneration scheme.
Several of the world’s top hotel flags will have a presence at The Red Sea Project in Saudi Arabia.
Major step forward for The Red Sea Project
The Red Sea Development Company has signed no fewer than nine hotel management agreements for the first phase of its regenerative tourism project, The Red Sea Project. Deals have been struck with Edition Hotels, St Regis Hotels & Resorts, Fairmont Hotel & Resorts, Raffles Hotels & Resorts, SLS Hotels & Residences, Grand Hyatt, InterContinental Hotels & Resorts, Six Senses and Jumeirah Hotels & Resorts.
These brands will operate nine of the 16 planned properties currently under development here, accounting for 1,700 hotel keys of the 3,000 keys in phase one. With construction already well underway, the scheme’s on course to welcome its first guests in late 2022.
John Pagano, CEO at The Red Sea Development Company, said: “Saudi Arabia is accelerating its development of a new tourism offering in the kingdom, fuelled by the ambitious Vision 2030 programme. We are proud to unveil our collection of unique and diverse hospitality brands that cater to this growing market and underpin our commitment to creating a world-leading barefoot luxury destination, which will soon serve as a gateway to one of the last undiscovered places on the planet.
“Most importantly, such partnerships with globally recognised and respected brands signifies the growing confidence in our business, our flagship destination and in Saudi Arabia as a tourism destination.”
Supporting the Vision 2030 agenda
This development contributes towards Saudi Arabia’s Vision 2030 plan for economic diversification. By 2030, the project expects to host 1 million visitors each year – capped in accordance with its sustainability commitments.
Phase one is due to reach completion in late 2023, with 16 hotels located across five islands along with two inland sites. This phase will also see the creation of a luxury marina, 18-hole championship golf course, entertainment and leisure facilities, and an international airport.
The Red Sea Development Company added that it expects additional hotel brand partnerships to be confirmed in the coming months.
“Hospitality is the anchor of The Red Sea Project,” said Jay Rosen, chief financial officer at The Red Sea Development Company. “We are determined to create a world-class luxury destination and the hotel brands we partner with play a crucial role in delivering on this ambition.
“Our partnerships are cemented through a collaborative framework that emphasises synchronicity between all brands. In doing so, we aim to create more value and maximise destination success, empowering stakeholders to benefit from shared best practices and economies of scale. The hotel management agreements unveiled today mark a significant milestone for us and we welcome more hotel operators, developers and investors to join us in our journey to build a thriving destination for visitors from around the world.”
Once this 28,000 sq km development completes in 2030, it’ll be home to 50 hotels offering a total of 8,000 rooms.
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