Among
the noteworthy deals of the past week was Albilad Capital’s acquisition of the
Mövenpick Hotel & Residences in Riyadh from an undisclosed seller for approximately
SAR 1 billion.
RIYADH,
Saudi Arabia — Riyadh-based Albilad Capital, through its Albilad Hospitality
Fund, entered the Riyadh market by acquiring the 359-key Mövenpick Hotel & Residences in Riyadh’s
Al-Ghadir district from an undisclosed seller for approximately SAR 1 billion
($266.7 million).
The property includes 269 hotel rooms and 90 luxury residences. Since
its opening in December 2021, the property has been one of Accor’s
top-performing assets.
Zaid Al-Mufreh, CEO of Albilad Capital, said the acquisition is a testament to its
commitment to the growing tourism sector in Saudi Arabia.
“This
acquisition represents a significant step for the Albilad Hospitality Fund,
demonstrating our dedication to building a high-quality portfolio of
hospitality assets,” he said. “Through this, we aim to enhance the guest
experience at this prominent property and support Riyadh’s development as a
global destination.”
To download
our list of deals from the past week in Excel format, click here.