Ascott opens first serviced residence in Saudi, plans four more

Singapore-based serviced residences operator The Ascott Limited announced that it has opened its first serviced residence project in Saudi Arabia.

Named Ascott Tahlia Jeddah, the serviced residence is situated in Jeddah’s main commercial avenue.

Spread across 20 floors, Ascott Tahlia offers studio, one, two and three-bedroom apartments and four penthouses. The residence also offers amenities such as a swimming pool, gymnasium, children’s playroom, guest lounge, restaurant and coffee shop.

Ascott is also planning to open four more serviced residences in the kingdom following Ascott Tahlia’s launch.

“Ascott Tahlia is the first international branded serviced residence to open in Jeddah, and this will be followed by Ascott Sari Jeddah and Citadines Al Salamah Jeddah later this year,” said the brand’s area general manager for the GCC region Vincent Miccolis.

“We will also open Ascott Rafal Olaya Riyadh in 2016 and Somerset Corniche Jeddah in 2017.”

Following the expansion, Ascott will have a total of 700 units across its five serviced residences in the kingdom.

Saudi’s hospitality industry has been booming and tourist arrivals are expected to grow at a compound annual growth rate of 4 per cent between 2012 and 2022, according to an Alpen Capital report.

Hotel room supply in the kingdom is also estimated to increase at a CAGR of 1.5 per cent between 2011 and 2016, increasing from 243,117 rooms in 2011 to 262,049 in 2016.

Saudi Arabia has seen a number of new hotel openings across its major cities this year.

Earlier this year, Accor Hotels Middle East opened the Suite Novotel Riyadh Dyar, the group’s 15th property in the kingdom.

Meanwhile Movenpick Hotels and Resorts announced plans to open a 300-key property in Jeddah, two new hotels in Riyadh, one in Al Khobar and another 233-key property in Jeddah.