TRSDC Unveils Hospitality Portfolio of Globally Renowned Luxury Brands for Flagship Project
Nine international hotel brands sign hotel management agreements for first phase of development at The Red Sea Project. Construction on track to welcome first guests by end of 2022
Grand Hyatt Hotel
Riyadh, (27 October 2021): The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has announced the signing of nine hotel management agreements with international hotel brands to operate resorts in the first phase of development at The Red Sea Project.
The agreements were unveiled on Day 2 of the Future Investment Initiative (FII) 2021, with the collection of hospitality brands set to operate nine of the 16 properties currently under development in the first phase and collectively feature more than 1,700 hotel keys of the total 3000 planned for Phase One.
These include EDITION Hotels and St Regis Hotels & Resorts, part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences, part of global hospitality group Accor; Grand Hyatt, part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses, part of IHG Hotels & Resorts; and Jumeirah Hotels & Resorts, a global luxury hospitality company.
Saudi Arabia is accelerating its development of a new tourism offering in the Kingdom, fueled by the ambitious Vision 2030 program. We are proud to unveil our collection of unique and diverse hospitality brands that cater to this growing market and underpin our commitment to creating a world-leading barefoot luxury destination which will soon serve as a gateway to one of the last undiscovered places on the planet,
said John Pagano, CEO of TRSDC.
Fairmont Hotel & Resorts
SLS Hotels & Residences
“Most importantly, such partnerships with globally recognized and respected brands signifies the growing confidence in our business, our flagship destination and in Saudi Arabia as a tourism destination.”
The announcement underscores TRSDC’s investment potential as Saudi Arabia continues its economic diversification in line with Vision 2030. By 2030, The Red Sea Project expects to host one million visitors annually, capped in line with its sustainability ambitions, creating upwards of 70,000 new jobs and contributing SAR 22 billion (USD 5.3 billion) to the nation’s GDP once fully operational.
Each brand at The Red Sea Project has embraced the vision of the project and have agreed to work together to collaborate in making the destination a success. The partners have welcomed the industry-pioneering sustainability standards of TRSDC and the broader commitment towards regenerative tourism development.
“Hospitality is the anchor of The Red Sea Project. We are determined to create a world-class luxury destination and the hotel brands we partner with play a crucial role in delivering on this ambition. Our partnerships are cemented through a collaborative framework that emphasize synchronicity between all brands. In doing so, we aim to create more value and maximize destination success, empowering stakeholders to benefit from shared best practices and economies of scale,” said Jay Rosen, Chief Financial Officer at TRSDC.
“The hotel management agreements unveiled today mark a significant milestone for us and we welcome more hotel operators, developers and investors to join us in our journey to build a thriving destination for visitors from around the world.”
The Red Sea Project’s first phase of development is on track for completion by the end of 2023, with a total of 16 hotels set to offer 3,000 hotel rooms across five islands and two inland sites. TRSDC expects to announce additional international hotel brand partnerships in the coming months.
Jumeirah Hotels & Resorts
Raffles Hotels & Resorts
“We are working with world-leading hotel operators who share our vision to deliver exciting growth opportunities for the Kingdom’s tourism and hospitality market, whilst protecting the natural environment, benefitting our local community and delivering extraordinary and immersive guest experiences. Our collective mission is to not only curate a hospitality portfolio of architectural distinction, but to also introduce our guests to new destinations and experiences,” added Mr. Pagano.
Upon completion in 2030, the site will host 50 hotels offering up to 8,000 hotel rooms and approximately 1,000 residential properties across 22 islands and six inland sites.
The first phase will also include a luxury marina, an 18-hole championship golf course, entertainment and leisure facilities, as well as an international airport that will be accessible by 80 percent of the world’s population in less than eight hours and expected to serve up to one million passengers per year by 2030.
Intercontinental Hotels & Resorts
St Regis Hotels & Resorts
About The Red Sea Development Company
The Red Sea Development Company (TRSDC - www.theredsea.sa) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.
The project is being developed over 28,000 km2 of pristine lands and waters along Saudi Arabia’s west coast and includes a vast archipelago of more than 90 pristine islands. The destination also features sweeping desert dunes, mountain canyons, dormant volcanoes, and ancient cultural and heritage sites. It is designed to include hotels, residential properties, leisure, commercial and entertainment amenities, as well as supporting infrastructure that emphasizes renewable energy and water conservation and re-use, as well as a circular waste management system to achieve zero waste to landfill.
Activity for the first phase of development is well underway and is on track to be completed by the end of 2023. The project has surpassed significant milestones, with over 600 contracts signed to date, worth over SAR 17 bn ($4.5bn).
The 100-hectare Landscape Nursery, which will provide more than 15 million plants for the destination, is fully operational. There are more than 9,000 workers currently on-site and 80km of new roads are now complete, including the new airport road, to better connect the destination. The Construction Village, capable of housing 10,000 workers, is now open and development is progressing well at the Coastal Village, which will be home to around 14,000 people who will eventually work at the destination.
subscribe to our
Sign up for our monthly email newsletter to be the first to hear of all our latest news and updates.