The entity will partner with Ennismore to develop lifestyle hotels in Saudi Arabia
The Saudi-based Tourism Development Fund (TDF) has signed a deal with lifestyle hospitality company Ennismore and Al Rajhi Capital, a leading asset manager, to set up a US$400 million fund that will focus on hotel development.
Ennismore is a joint venture between founder and co-CEO Sharan Pasricha and Accor, comprising a portfolio of 14 lifestyle hotel brands with 101 operating properties globally and 137 in the pipeline.
Ennismore brands include 21c Museum Hotel, 25hours, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, Tribe and Working From.
The move aims to enhance tourism opportunities in various destinations across Saudi Arabia. This latest partnership compliments the initial endeavour in October last year when TDF and Ennismore signed an MoU to launch an investment fund focused on developing lifestyle hotels in the kingdom at the 5th edition of the Future Investment Initiative (FII).
Commenting on the news, TDF chief executive officer Qusai Al Fakhri said: “This partnership shows our commitment and dedication to our initial MoU and marks an important milestone towards fulfilling the targets of the National Tourism Strategy to consolidate the kingdom’s position as a global tourist destination by leveraging the promising opportunities the Saudi tourism sector presents.”
TDF will invest in the newly established fund, while Ennismore will lead on developing and operating projects under the umbrella of its lifestyle brands and Al Rajhi Capital will manage the fund and work on attracting new investment.
For more information, visit www.tdf.gov.sa