It aims to boost its property portfolio to 13 across eight cities.
Frasers Hospitality, a member of the Frasers Property Group, opened the Fraser Suites Riyadh last 8 March, as part of the company’s effort to boost its property portfolio in Middle East.
The hotel, which is located in Olaya, has 95 fully furnished studio apartments and two-bedroom penthouse suites.
The opening of Fraser Suites Riyadh join the company’s existing properties in Middle East such as Fraser Suites Seef in Bahrain, Fraser Suites Diplomatic Area Bahrain, Fraser Suites Doha, Fraser Suites West Bay, Doha and Fraser Suites Dubai.
In the second quarter of the year, Frasers Hospital will launch Fraser Suites Muscat which has 120 units.
Moving forward, the company plans to build three more properties in Dubai, one in Jeddah, one in Al Khobar and one in Kuwait. This is part of the company’s efforts to leverage on the increasing tourism investment in the Middle East.
“Saudi Arabia is expecting more than 31 million tourist arrivals by 2027 as it commits to implementing Vision 2030, its most ambitious economic reform programme to date,” said Choe Peng Sum, CEO of Frasers Hospitality, in a press release.
“It is timely for us to scale up in the Middle East. We have a loyal base of corporate customers and this has contributed to the success of our properties in Bahrain, Doha and Dubai, which are enjoying average occupancies of over 85%,” Choe added.
Earlier, Frasers Property disclosed that it will acquire 22 logistics assets in Germany and Austria for approximately $467.7m.
Do you know more about this story? Contact us anonymously through this link.