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Shangri-La to open first property in Saudi Arabia

BEIJING, May 23, 2015

Assila Investments, a diversified holding company based in Saudi Arabia, has reached an agreement with Shangri-La International Hotel Management to open its first property at Jeddah in Saudi Arabia.

The duo has signed a deal for the management and operation of the 242-room luxury hotel and residences development in the second-largest city in Saudi Arabia and the principle gateway to Makkah.  

Assila Investments (formerly known as MASC Holdings) is a diversified holding company with multi-billion interests across many industries, including banking, food, hospitality and real estate. It is a closed joint-stock company owned by Mohammed Ibrahim Alissa and his family.

Slated to open in early 2018, the new 65-storey development will be located on the Corniche Road facing the Red Sea in Jeddah.  

As per the deal, Shangri-La will also manage and provide services to the 122 residences in the tower. The hotel will feature three restaurants, function rooms, including a three-storey grand ballroom, luxury spa and fitness areas, a swimming pool, children's club and several lounges, it stated.

The building's design, by global architecture and design firm Perkins+Will, was the recipient of the 2009 MIPIM Architectural Review 'Future Project Award' for 'Best Tall Building', said the statement from Assila.

The tower is situated perpendicular to the shoreline to maximise water views and optimise solar exposure, and its exterior 'skin' features synthetic fabric architectural sails that shade the interior spaces, protect balconies from wind, maintain privacy and house LED lights that create a distinctive pattern over the surface of the building, it added.

"We are excited about the prospect of developing the first Shangri-La branded hotel in Saudi Arabia and look forward to working closely with the team to bring its renowned hospitality to Jeddah," said Assila Investments CEO Abdullah Alissa.

Shangri-La president and CEO Greg Dogan said Jeddah was both an important commercial hub and Saudi Arabia's primary resort city.

"By partnering with Assila, we will add another exciting and iconic property to our global collection of hotels and resorts and further strengthen our portfolio in the Middle East," " he added.-TradeArabia News Service




Tags: Saudi Arabia | property | Shangri-La |

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