Hilton and Shomoul Holding Company have announced the signing of a landmark agreement to develop and operate four hotels in The Avenues – Riyadh, the largest mixed-use development project in the Kingdom of Saudi Arabia. The development will include one of the world’s largest malls, with a leasable area of approximately 400,000 sqm housing more than 1,300 stores.
The SAR13bn ($3.4bn) project will also include five multi-purpose towers consisting of hotels, exhibition, conference halls, residential apartments, offices and medical facilities.
The Avenues – Riyadh is located at the entry point of the capital city, overlooking the intersection between King Salman and King Fahad Roads, and just a few minutes away from King Khalid International Airport. When completed in 2023, the project will be a beautiful architectural landmark in Riyadh, embodying the success of The Avenues – Kuwait, with its multiple districts and unique design. This mega project, with its different stages from construction to opening and operation, will create approximately 40,000 job opportunities.
The development will feature a mix of luxury retail, high street brands, in addition to traditional stores that are modelled on a traditional Riyadh Souk in respect to the region’s traditional retail architecture. The design reflects Riyadh’s contemporary lifestyle and culture, offering a diversity of districts, each designed in a different theme in harmony.
Hilton will operate four of its industry-leading brands at The Avenues – Riyadh, including a 350-room Waldorf Astoria, a 400-room Conrad – both offering Hilton’s unique luxury experiences – a 500-room Hilton Garden Inn, and a 150-room Canopy by Hilton – the first of Hilton’s lifestyle Canopy brand in the Middle East.
Speaking at the signing ceremony, Mohammed A. Alshaya, Chairman of Shomoul and Mabanee, said: “I am very proud to once again partner with Hilton at another of our ground-breaking Avenues projects in the region. The Avenues – Riyadh is a signature development offering a unique and ultimate lifestyle destination in the region, and will be the largest in our expansion portfolio. We believe that having four of Hilton’s world-class brands as part of the towers will create an incredible destination for shoppers and travellers across the region and from around the world in Riyadh.”
The announcement reinforces a growing partnership with Hilton, which already includes two hotels within the new expansion of The Avenues – Kuwait, namely the five-star Waldorf Astoria and the four-star Hilton Garden Inn, in addition to the Hilton Garden Inn in The Avenues – Bahrain.
In accordance with the Saudi Arabian government’s Vision 2030, The Avenues- Riyadh will promote and support increased tourism into the Kingdom, which currently accounts for some 9.4% of GDP and is expected to rise by almost 5% per annum for at least the next 10 years.
All four properties will participate in Hilton Honors, the company’s award-winning guest loyalty program that currently serves more than 85 million members.