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Dubai: The Ascott Limited (Ascott) is strengthening its Saudi Arabia portfolio with the opening of its eagerly anticipated Ascott Corniche Al Khobar property, marking its sixth operational residence in the Kingdom.
The 172-unit property is centrally located on Prince Turki Street and is easily accessible by footpath to the Corniche, while the surrounding neighbourhood offers visitors a range of leisure options including shopping malls and restaurants. Guests will also benefit from easy transport links to and from the residence; the city’s main business boulevard, King Fahd Road, is in proximity and Al Khobar-Bahrain causeway is a 10-minute drive away.
“Ascott Corniche Al Khobar is destined to appeal to a broad spectrum of short and long-term guests alike, who seek the comfort and privacy of an apartment with the added sophistication of international-standard hotel services,” says Vincent Miccolis, Regional General Manager for Middle East, Africa, Turkey and India. “As we expand our Saudi Arabia property portfolio, we are setting new benchmarks for quality and contemporary accommodation in key destinations across the Kingdom.”
Ascott Corniche Al Khobar offers elegantly furnished studio premier, one-bedroom executive, one-bedroom premier and two-bedroom premier apartments alongside luxury three-bedroom penthouses. Additional facilities include a fully-equipped business and events centre, a dining area, lounge, fitness centre, swimming pool, children’s playroom, guest lounge and prayer room.
Abdulaziz Al Mousa, Riyad REIT Fund Manager commented, “We are happy to announce the opening of Ascott Corniche Al Khobar – one of the key serviced apartment products in the Eastern Region. The asset is the first property to be developed by a Saudi REIT and was built on professional standards, ultimately raising the bar for hospitality product offerings in Saudi Arabia.
As part of the overall vision set by Riyad REIT, Ascott Corniche Al Khobar will house Al Mandaloun restaurant and lounge in two key outlets within the asset - capitalizing on Prince Turkey road and the spectacular views of the city and Khobar Corniche. Al Mandaloun restaurant and lounge is currently in the design stage and it is set to be completed by Q3 2020.The combination of one of the largest luxury Serviced Apartment operators, an iconic property, and dining options incorporating new lifestyle trends, achieves our objective of positioning a high-lifestyle destination in Al Corniche area of Al Khobar.
Ascott Corniche Al Khobar is expected to benefit from its prime location in addition to its close proximity to the Dr. Suleiman Al Habib hospital that was recently opened. Riyad REIT has been a proponent to the Kingdom’s tourism drive and expanded business potential, while being one of the only REITs with a strong focus on hospitality.
The ambitious plans of the government to transform the leisure, entertainment, and business environment has already taken a foothold in the country. An increase in inbound travel, a boost in domestic tourism, and significant growth in events this past year has clearly shown the untapped potential of the country. The opening of Ascott Corniche Al Khobar will deliver an unprecedented level of service and accommodation in Khobar given the hotel’s diversified amenities and location.”
Al Khobar is one of the main cities in KSA’s oil-rich Eastern Province, home to the world’s largest company – Saudi Aramco, as well as a popular holiday destination for locals and international visitors. The property will cater to business travellers, as well as visitors who want to explore the city at leisure from a central location.
Ascott is poised to become one of the largest international lodging operators in the region, with plans to add a further 779 keys across five other KSA properties by the end of 2020 and is on track to double its portfolio in the Middle East to 5,000 units in the next 12 months.
Expanding its footprint in the Middle East, Africa and Turkey, the group currently has 25 properties in 11 cities, under Management and Franchise Agreements. This comprises pipelined projects set to open in 2020, including Citadines Al Ghubrah Muscat, Ascott Villas Riyadh, Somerset City Centre Atyrau, Kazakhstan, Citadines Maslak Istanbul as well as Citadines Culture Village in Dubai, UAE.
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About The Ascott Limited
The Ascott Limited is a Singapore company that has grown to be one of the leading international lodging owner-operators. Ascott's portfolio spans more than 180 cities across over 30 countries in Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA.
Ascott has more than 67,000 operating units and close to 45,000 units under development, making a total of more than 112,000 units in over 720 properties.
The company's serviced residence and hotel brands include Ascott, The Crest Collection, Somerset, Quest, Citadines, lyf, Préférence, Vertu, Harris, Citadines Connect, Fox, Yello and POP!.
Ascott, a wholly owned subsidiary of CapitaLand Limited, pioneered Asia Pacific's first international-class serviced residence with the opening of The Ascott Singapore in 1984. Today, the company boasts over 30 years of industry track record and award-winning brands that enjoy recognition worldwide.
Ascott’s achievements have been recognised internationally. Recent awards include World Travel Awards 2019 for 'Leading Serviced Apartment Brand' in Asia, Europe and the Middle East; Business Traveller Asia-Pacific Awards 2019 for 'Best Serviced Residence Brand'; DestinAsian Readers' Choice Awards 2019 for ‘Best Serviced Residence Brand’; TTG China Travel Awards 2019 for ‘Best Serviced Residence Operator in China’. For a full list of awards, please visit https://www.the-ascott.com/ascottlimited/awards.html.
About Riyad REIT
Riyad REIT is the first Real Estate fund to increase its capital and one of the largest REITs in Tadawul with a fund size exceeding to SAR 2 billion after the fund capital increase through secondary public offering. The REIT’s portfolio is composed of 17 properties distributed in 4 main cities in the Kingdom across different real estate sectors and 4 properties in main cities in the United States of America.
The main objective of Riyad REIT is to provide sustainable cash distribution with growth potential for unit owners through investing in developed real estate properties capable of achieving operational and rental income and periodically distribute the cash to unit owner
The fund aims to achieve its distribution growth by (a) reinvesting the reserved income into viable real estate assets: after distributing a minimum of 90% of the funds net annual profits. The fund also aims to increase value and returns for unit owners by improving net operational income and partially decreasing expenses by adopting the concept of economies of scale.
The fund adopts the active management style in real estate properties with multiple tenants and contracts with different rental periods. The fund works closely with strategic partners and realtors experienced in real estate rental and operations in order achieve the maximum returns from the fund and continuously operate the real estate properties for the benefit of the fund and unit owners.
About CapitaLand Limited
CapitaLand Limited (CapitaLand) is one of Asia’s largest diversified real estate groups. Headquartered and listed in Singapore, it owns and manages a global portfolio worth S$131.7 billion as at 30 September 2019. CapitaLand’s portfolio spans across diversified real estate classes which includes commercial, retail; business park, industrial and logistics; integrated development, urban development; as well as lodging and residential. With a presence across more than 200 cities in over 30 countries, the Group focuses on Singapore and China as its core markets, while it continues to expand in markets such as India, Vietnam, Australia, Europe and the USA.
CapitaLand has one of the largest real estate investment management businesses globally. It manages eight listed real estate investment trusts (REITs) and business trusts as well as over 20 private funds. Since it pioneered REITs in Singapore with the listing of CapitaLand Mall Trust in 2002, CapitaLand’s REITs and business trusts have expanded to include Ascendas Reit, CapitaLand Commercial Trust, Ascott Residence Trust, CapitaLand Retail China Trust, Ascendas India Trust, CapitaLand Malaysia Mall Trust and Ascendas Hospitality Trust.
Visit www.capitaland.com for more information.
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