Saudi Arabia: The Red Sea Development Company (TRSDC) has announced the signing of nine hotel management agreements with international brands for the first phase of development at The Red Sea Project.
Nine of the 16 properties currently under development will include:
• EDITION Hotels
• St Regis Hotels & Resorts
• Fairmont Hotel & Resorts
• Raffles Hotels & Resorts
• Grand Hyatt
• Intercontinental Hotels & Resorts
• Six Senses
• Jumeirah Hotels & Resorts
The brands have committed to the project’s sustainability standards. In April this year, TRSDC secured a $3.76 billion green finance credit facility, awarded for the project’s recognition as a green and regenerative tourism development.
John Pagano, CEO at TRSDC, said: “Saudi Arabia is accelerating its development of a new tourism offering in the Kingdom, fuelled by the ambitious Vision 2030 program. 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.”
“We are working with world-leading hotel operators who share our vision to deliver exciting growth opportunities for the Kingdom’s tourism and hospitality market, whilst protecting the natural environment, benefitting our local community and delivering extraordinary and immersive guest experiences. Our collective mission is to not only curate a hospitality portfolio of architectural distinction, but to also introduce our guests to new destinations and experiences,” he added.
Jay Rosen, chief financial officer at TRSDC, said: “Hospitality is the anchor of The Red Sea Project. 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 emphasise 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 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.”
The first phase is on track for completion by the end of 2023, with a total of 16 hotels offering 3,000 rooms across five islands and two inland sites.
It will also include a luxury marina, an 18-hole golf course, entertainment and leisure facilities, as well as an international airport.
Upon completion in 2030, The Red Sea Project will host 50 hotels providing 8,000 hotel rooms and approximately 1,000 residential properties.