Tag Archives: new hotels

The Tourism Development Fund (TDF) which entered into a tripartite partnership with Ennismore, the fastest-growing lifestyle hospitality company in the world, and Al Rajhi Capital, one of the leading Asset Managers in Saudi Arabia, has identified multiple sites to develop exciting lifestyle developments across the Kingdom, including urban beachfront sites. The projects to be developed are part of the newly formed Lifestyle Hospitality Fund, which has recently received approval by the Saudi market regulator, Capital Market Authority (CMA). The fund aims at advancing Ennismore’s lifestyle hotels in the Kingdom with a targeted fund size of USD 400 million (SAR 1.5 billion). In 2021, during the Future Investment Initiative in Riyadh, TDF and Ennismore signed an MOU to commence the discussions for launching an investment fund. This was followed by TDF, Ennismore, and Al Rajhi Capital signing a tripartite agreement in July this year to establish the now approved lifestyle hospitality fund. Furthermore,  MOUs were signed with selected investors who expressed interest in coming into the fund with their respective assets. TDF will be the anchor investor in the newly established investment fund, while Ennismore will lead on the operation of these assets post completion under the umbrella of its lifestyle brands. Al Rajhi Capital will manage the development fund and attract investments. Ennismore is a global collective of entrepreneurial and founder-built brands with creativity and purpose at their heart, bringing together a lifestyle powerhouse of 14 brands with 103 operating properties and 144 in the pipeline. Ennismore’s globally recognized brands include: 25hours Hotels, Mama Shelter, Mondrian, The Hoxton, TRIBE, SLS, SO/ and coworking brand, Working From_. The fund will have significant impact on the tourism offering in the KSA as …

Sharjah Investment and Development Authority (Shurooq) has captured the imaginations of both market leaders and emerging players in the region’s inbound and outbound travel industry, as it announced two new mega projects in the luxury hospitality sector at the 29th edition of Arabian Travel Market (ATM), taking place at the Dubai World Trade Centre until May 12. Alongside these global announcements, three of Shurooq’s latest projects in luxury hospitality that are making eco-tourism in the region more appealing than ever, also made their ATM debut. Raising Sharjah’s profile as a leading destination in the region for heritage-inspired travel, the first Shurooq project which made a global debut on the ATM 2022 stage is: The Serai Wing, Bait Khalid bin Ibrahim – a pearl merchant’s 19th century family home in the Heart of Sharjah district, which Shurooq is converting into a modern 12-key boutique wing of The Chedi Al Bait. Launched by Shurooq in 2017 and managed by GHM Hotels, The Chedi Al Bait, Sharjah, is a 53-key hotel offering luxurious Emirati hospitality and bespoke experiences. Scheduled for completion in Q4 of 2022, the property will provide unique insights into traditional Emirati life, taking guests on a journey through the home of a family living in Sharjah, as it was, over 100 years ago. Alongside world-class accommodation and hospitality, additional guest attractions include access to the facilities of the Chedi Al Bait Hotel and access to Heart of Sharjah’s souqs and heritage areas. The second project Shurooq unveiled is the Najd Al Meqsar Village. Nestled in the mountainous terrains of the picturesque coastal city of Khorfakkan, the destination is being developed to bring travellers and residents a brand-new opportunity to experience …