RSG 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 destination. Construction on track to welcome first guests by end of 2022.
Grand Hyatt Hotel
Red Sea Global (Formerly known as TRSDC), the developer behind the world’s most ambitious regenerative tourism projects, The Red Sea and Amaala, 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 destination.
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.
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.” added Pagano.
The announcement underscores RSG’s investment potential as Saudi Arabia continues its economic diversification in line with Vision 2030. By 2030, The Red Sea 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 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 RSG and the broader commitment towards regenerative tourism development.
“Hospitality is the anchor of The Red Sea destination. 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 RSG.
“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’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. RSG 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 Red Sea Global
Red Sea Global (RSG - www.redseaglobal.com) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) ofSaudi Arabia.
RSG is a global multi-project developer, seeking to lead the world towards a more sustainable future, showing how responsible and regenerative development can uplift communities, drive economies, and enhance the environment. The protection of natural capital is central to all development decisions, as the organization seeks to create abetter future for all.
A cornerstone of Saudi Arabia’s Vision 2030 ambition to diversify its economy, RSG is playing a key role in transforming the nation, by creating exciting opportunities for young Saudi talent and the private sector, as it develops built assets and destinations across multiple sectors that make a positive impact for people and planet.
RSG is the visionary company behind some of the world’s most ambitious development ventures, including luxury regenerative tourism destinations such as The Red Sea and AMAALA.
Across its portfolio, RSG leverages the most innovative concepts, strategies, and technologies to deliver projects that actively enhance the wellbeing of customers, communities, and environments.