The Red Sea Development Company Adds Three Globally Renowned Hotel Brands to its Luxury Portfolio
- Three new international hotel brands become the latest to sign management agreements for first phase of development at The Red Sea Project
- Construction on track to welcome first guests in early 2023
Riyadh, (25 May 2022): The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has confirmed today at the Future Hospitality Summit in Riyadh, that three new hotel management agreements have been signed with international hotel brands to operate resorts in the first phase of development at The Red Sea Project.
These include Ritz Carlton Reserve and Miraval hotels – the first to operate in the Middle East – and Rosewood, a global luxury hospitality company.
This announcement demonstrates industry confidence in The Red Sea Project, with a total of 12 hospitality brands now confirmed, and signifies a growing appetite from global leaders to participate in the expansion of the Saudi Tourism market. With two brands now entering the region for the first time, I believe the future of tourism in the Kingdom is bright,
said John Pagano, CEO of TRSDC.
“Together with our collection of globally recognized and respected partners, we are excited to play our part in opening up this unique and undiscovered part of the world, setting new benchmarks for sustainable development along the way.”
Ritz Carlton Reserve is situated at the destination’s idyllic Ummahat Islands, whilst Miraval and Rosewood are located on Shura Island, the main hub for the resort. The new collection of hospitality brands collectively feature nearly 500 hotel keys of the total 3,000 planned for Phase One.
The luxury hotel companies join a stellar line-up of globally renowned brands that have already confirmed they will operate at The Red Sea Project, including: 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.
“Our impressive roster of hospitality brands are united in their commitment to help us create a one-of-a-kind world-class luxury destination. They have all agreed to adhere to our stringent measures when it comes to embedding sustainability, luxury and Saudi heritage in their designs and share best practices in terms of the environment once operational. These additional hotel management agreements mark the significant progress we are making as we work towards welcoming visitors from around the world”, said Jay Rosen, Chief Financial Officer at TRSDC.
The Red Sea Project has already passed significant milestones and work is on track to welcome the first guests in less than a year, when the first hotels will open. Phase one, which includes 16 hotels in total, will complete by the end of 2023.
Upon completion in 2030, The Red Sea Project will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include an international airport, luxury marinas, golf courses, entertainment, and leisure facilities.
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 800 contracts signed to date, worth in excess SAR 20 bn ($5.33bn).
The 100-hectare Landscape Nursery, which will provide more than 25 million plants for the The Red Sea Project and AMAALA, is now fully operational. There are more than 15,000 workers currently on-site and 80km of new roads are now complete. The Construction Village and the Waste Management Centre are both fully operational 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.
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