Partnership with Shomoul Holding Company will see Hilton develop and operate its hotels at the $3.5 billion mixed-use project
Hilton has signed an agreement with Shomoul Holding Company to develop and operate four hotels in The Avenues – Riyadh, the largest mixed-use development project in Saudi Arabia set to open in 2023.
Under the terms of the deal, Hilton will operate its industry-leading brands at the Avenues- Riyadh, namely, a 350-room Waldorf Astoria, a 400-room Conrad – both offering its unique luxury experiences – a 500-room Hilton Garden Inn, and a 150-room Canopy by Hilton – the first of Hilton’s lifestyle Canopy brand in the Middle East.
The $3.5 billion worth mixed-use project, The Avenues- Riyadh located at the entry point of Riyadh, will include one of the world’s largest malls, as well as five multi-purpose towers consisting of hotels, exhibitions, conference halls, residential apartments, offices and medical facilities.
During the agreement signing, Mohammed A. Alshaya, chairman of Shomoul and Mabanee, said: “I am very proud to once again partner with Hilton at another of our ground-breaking Avenues projects in the region. The Avenues– Riyadh is a signature development offering a unique and ultimate lifestyle destination in the region, and will be the largest in our expansion portfolio.”
“We believe that having four of Hilton’s world-class brands as part of the towers will create an incredible destination for shoppers and travellers across the region and from around the world in Riyadh,” he noted.
“The Avenues – Riyadh is an incredible opportunity for Hilton to bring four of our industry-leading brands to one development project for the very first time,” said Chris Nassetta, president and CEO of Hilton. “I am especially proud that we are signing this unique project in our 100th year – our most dynamic year yet.”
A statement said that the announcement reinforces a growing partnership with Hilton and The Avenues- Kuwait and The Avenues- Bahrain where Hilton has already signed agreements for the operation of its hotels.