Shangri-La International Hotel Management Limited and Assila Investments have signed an agreement for a luxury hotel in Jeddah, Saudi Arabia.
The memorandum of understanding relates to the management and operation of a luxury hotel and residences development in the second largest city in Saudi Arabia and the principle gateway to Makkah.
Slated to open in early 2018, it will be the first Shangri-La in Saudi Arabia, the hotel group said in a statement.
The 242-room hotel will be in a prominent 65-storey development located on Jeddah Corniche Road facing the Red Sea.
Shangri-La will also manage and provide services to the 122 residences in the tower. The hotel will feature three restaurants, function rooms, including a three-story grand ballroom, luxury spa and fitness areas, a swimming pool, children’s club and several lounges.
“We are excited about the prospect of developing the first Shangri-La branded hotel in Saudi Arabia and look forward to working closely with the Shangri-La team to bring its renowned hospitality to Jeddah,” said Abdullah Alissa, CEO of Assila Investments.
“Jeddah is both an important commercial hub and Saudi Arabia’s primary resort city. By partnering with Assila, we will add another exciting and iconic property to our global collection of hotels and resorts and further strengthen our portfolio in the Middle East,” added Shangri-La president and CEO Greg Dogan.
Assila Investments (formerly known as MASC Holdings) is a diversified holding company with multi-billion interests across many industries, including banking, food, hospitality and real estate.
Hong Kong-based Shangri-La Hotels and Resorts currently owns or manages 90 hotels under the Shangri-La brand with a room inventory of over 37,000.
The group has a substantial development pipeline with upcoming projects in mainland China, Hong Kong, India, Mongolia, Myanmar, Philippines, Singapore, Qatar and Sri Lanka.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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