Action hotels announces three-star hotel in Riyadh
Kuwait-based Action Hotels adds its ninth property to its portfolio with the mid-market hotel
The Kuwait-based hotelier has taken the unusual move of converting an office tower for its new 130-key property, set to open in Q2 2016.
Action says that the project, located in the Olaya district, will be accomplished in very short timeframe – just over 12 months.
Alain Debare, CEO, Action Hotels, said: “There is great potential for Action Hotels in the Kingdom, and in Riyadh in particular. Although the Riyadh hotel market is a mature market, there is considerable demand for mid-economy branded hotels from the corporate segment, yet this segment is currently under supplied."
According to STR Global, Riyadh had one of the highest average daily rates in 2014 in the Middle East.
Action has signed a 20-year lease to operate the property and is finalising a long-term management agreement with a hotel brand, which should be announced shortly.
The Riyadh property will be its ninth hotel.