RIYADH: Saudi developer Diriyah Co. is set to commence construction on eight new hotels in November, as revealed by the company's CEO.
During an interview with Arab News at the Future Investment Initiative in Riyadh from October 29 to 31, Jerry Inzerillo provided insights into the upcoming projects, which include the Baccarat Hotel, the Corinthia Hotel, and the Armani Hotel.
This development is part of a $62.2 billion mega-project supported by the Public Investment Fund, aimed at establishing a lifestyle hub that honors Saudi culture and heritage while positioning the Kingdom as a top destination for tourism and leisure.
Inzerillo stated, "Today, before we officially announce it in November, I'm sharing this with you as we are set to break ground next month on eight new hotels." He further detailed the projects, mentioning the Baccarat Hotel, the new Corinthia Hotel, the new Armani Hotel, the new Fusion Hotel from Paris, the new Rosewood Hotel, the new Raffles Hotel, the new Ritz-Carlton, and the new Address Hotel.
Inzerillo also mentioned the imminent opening of the Bab Samhan Marriott Luxury Hotel for guests in November.
He expressed optimism about the future, saying, "Our hospitality sector is really gaining momentum. I believe that by Founding Day, we will have welcomed over 3 million visitors to the UNESCO World Heritage Site."
Inzerillo discussed the locations of the new hotels, noting that Diriyah includes a comprehensive historical zone. He also mentioned plans to unveil a new boulevard similar to the Champs-Elysees, which will be revealed next year.
Inzerillo anticipates that most of the hotels will be operational by 2027, primarily due to the extensive infrastructure work required to transform historical Diriyah into a pedestrian-friendly city similar to Florence.
He highlighted that while Riyadh requires a variety of hotels, Diriyah will focus solely on four- and five-star accommodations, with most hotels ranging from 50 to 250 rooms.
Regarding climate control, Inzerillo explained that 60,000 parking spots are air-conditioned, with 6,000 already in operation and profitable.
He added that the buildings will feature mud-colored exteriors and close corridors for shade, with additional heat mitigation measures such as cooling under floors and misting systems.
Inzerillo revealed that the developer signed three deals on the first day of the forum, including a $200 million deal with an Italian developer, a $100 million deal with a Colombian investor, and a $200 million deal with an Emirati investor.
He noted that this surge in investment is tied to significant growth across the Kingdom, particularly in cities like Riyadh, Jeddah, Makkah, Madinah, and Dammam.
Inzerillo shared that two of the deals were solely for hotels, with the developer building the 42 hotels and the management companies taking out the equity to own them. The third deal was for 138 residences, which will be co-developed but owned by the investors.
Looking ahead, Inzerillo said, "When we host the largest expo ever planned in 2030, historical Diriyah will be essentially complete." He added that by then, the Kingdom would have over 30,000 predominantly Saudi staff ready to welcome millions of visitors.
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