Ascott signs new Saudi property in Al Khobar
54-apartment Citadines Al Khobar is expected to open in the Eastern Province of KSA in 2018
Ascott Limited has announced a partnership for a new Saudi Arabian property in Al Khobar.
The announcement comes just a few days after the serviced residences operator opened a new property in Saudi’s Olaya district.
The new property, located in Saudi Arabia’s Eastern province of Al Khobar, will be branded under Ascott’s Citadines name.
Ascott’s country general manager for Middle East & Turkey Vincent Miccolis said in a statement: “We are delighted to have signed an agreement to manage Citadines Al Khobar.
“KSA remains a highly significant growth market and this latest signing will not only expand our presence in KSA but also reinforces our leadership position in the Middle East.”
Miccolis added: “Citadines Al Khobar is the third property, together with Citadines Abha and Somerset Al Khobar, that we will be working with developer AREIC (the real estate arm of Al Mutlaq Group) and we are pleased to strengthen our partnership with them.”
Citadines Al Khobar will comprise 54 one-bedroom apartments with various layouts.
Managed and operated by Ascott, facilities will include a breakfast area, residents’ lounge and a fully equipped gym, as the operator will target both business and leisure travellers.
Corporate business in the area is driven by Saudi Aramco, and Ascott claims demand for high quality serviced apartments is on the rise.
Other large companies located in Al Khobar such as Sumitomo and Al Rashid sustain a steady demand for short, medium and long term accommodation due to regular visits for meetings and missions in the city, the operator said in a statement.