Riyad Real Estate Income Fund signs Hotel Operating Agreement with ASCOTT

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Riyad Capital is pleased to announce the development agreement with Ascott to build and operate Ascott Corniche Al Khobar as part of the Riyad Real Estate Income Fund. The Property will be operated by Ascott – one of the world's largest international serviced residence operators with over 27,000 operating serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Gulf region. 
 
Ascott Corniche Al Khobar is part of the Riyad Real Estate Fund, which will contain 172 serviced apartments with 16 floors and a total gross built-up area of approximately 25,000 m2. The Property is located on Prince Turki Street – a primary commercial corridor with close proximity to the Corniche, shopping areas, and businesses. It will be the first internationally branded, 5-star serviced apartment property in the Eastern Province. The hotel is expected to open in the first half of 2018.
 
This Project is a continuation of Riyad Capital’s strategy to be part of the Tourism and Entertainment plans of Vision 2030, and its goal of providing new, value-added projects to the city of Khobar.
 
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