Serviced apartment firm The Ascott Limited plans to expand in Saudi Arabia with 20 new properties in the kingdom by 2020.
The owner-operator, which has 40,000 serviced residences across the US, Asia, Europe and the Middle East, said it want to tap into Saudi Arabia’s ambitious tourism plans.
The kingdom announced last month it would transform a 200-kilometre stretch of coastline on the Red Sea into a new tourism destination to attract millions of visitors each year.
The Ascott Limited said it aims to support this vision by having 20 properties, both operating and pipeline, in Saudi Arabia by 2020. It intends to focus on primary cities such as Riyadh, Jeddah and Damman, with plans to expand into secondary cities within the next five years.
The Ascott Limited has expanded rapidly in the Middle East since 2014, growing from three operating properties to 10 properties with 1,487 keys today. Five of those serviced residences are in Saudi Arabia, accounting for 608 keys.
Vincent Miccolis, area general manager for the Middle East & Turkey, said: “[Saudi Arabia’s] goals fit perfectly with our own vision for expansion. We are ahead of the curve as we already have an established presence of five serviced residences, with another seven in the pipeline.
“With the recent news that a long section of the Red Sea coastline is going to be developed, there will be even more opportunities for hospitality providers, like The Ascott Limited, to grow in KSA.”
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