Saudi’s Red Sea project signs agreements for nine hotels with 1,700 keys

Saudi Arabia’s Red Sea Development Company (TRSDC) has signed nine hotel management agreements with international brands to operate resorts in the first phase of development at the Red Sea project.

We’re excited to announce our partnerships with 9 international hotel brands to operate 9 of the 16 world class resorts set to open in phase one of #TheRedSea Project. They will collectively offer more than 1,700 keys of the 3,000 planned. Read more: https://t.co/YmWaCRe6y1 pic.twitter.com/zz2OLzX6cm

— The Red Sea Development Company (@TheRedSeaGlobal) October 27, 2021

The agreements with signed with Edition Hotels and St Regis Hotels & Resorts – part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences – part of Accor; Grand Hyatt – part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses – part of IHG Hotels & Resorts; and Jumeirah Hotels & Resorts, a statement said.

The nine hotels are part of the 16 properties currently under development in the first phase of the project, and collectively feature more than 1,700 hotel keys of the total 3,000 planned for phase one.

“Saudi Arabia is accelerating its development of a new tourism offering in the kingdom, fuelled by the ambitious Vision 2030 programme,” said John Pagano, CEO at TRSDC.

“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.”

The Red Sea project’s first phase of development is “on track” for completion by the end of 2023, with a total of 16 hotels set to offer 3,000 hotel rooms across five islands and two inland sites, the statement said.

TRSDC expects to announce additional international hotel brand partnerships in the coming months.

‎“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,” said Jay Rosen, CFO at TRSDC.

“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.”

Outside of the hotel projects, the first phase will also include a luxury marina, an 18-hole championship golf course, entertainment and leisure facilities, as well as an international airport that expects to serve up to one million passengers per year by 2030.

Upon completion in 2030, the project will have 50 hotels offering up to 8,000 hotel rooms and approximately 1,000 residential properties across 22 islands and six inland sites.

The project expects to host one million visitors annually by 2030, capped in line with its sustainability ambitions, creating upwards of 70,000 new jobs and contributing SAR22bn to the nation’s GDP once fully operational.

Also read: Exclusive interview: John Pagano, CEO of The Red Sea Development Company and Amaala