Riyadh, Saudi Arabia: Rafal Real Estate Development Co. announced its exit from Ascott Rafal Olaya Hotel in favor of Alinma Hospitality REIT Fund, as Rafal restructures its assets portfolio and prepares for the launch of new megaprojects, in line with the changes taking place in the Saudi real estate market and the Saudi Vision 2030.

Under the deal, Alinma Hospitality will be the owner of Ascott Rafal Olaya Hotel, which includes 234 keys operated by Ascott, and three specialty restaurants. Rafal will retain the residential component of the mixed-use development, Rafal Residence, consisting of 17 floors of luxurious apartments that are managed by Rafal.

"We are pleased to close this deal enhancing our ability to take advantage of the great opportunities offered by the Saudi real estate market, whether in the development of mixed-use communities or through the participation in some of the mega projects under Vision 2030," said Elias Abousamra, CEO of Rafal. “It is worth noting that Rafal has contributed more than five income-generating projects to Saudi REITs listed on Tadawul over the past five years, with a gross development value exceeding SAR 2 billion,” he added.  

Located in a vibrant urban node, between King Abdullah Financial District and King Khaled International Airport, the four-star Ascott Rafal Olaya started operations in 2017.  It obtained the prestigious World Travel Awards for Best Services Apartments in KSA for the second year in a row in 2022. The Hotel enjoys close proximity to Olaya Metro Station and a number of medical and commercial complexes. 

Rafal Real Estate Development Co. offers integrated and innovative solutions spanning residential, hotel, and commercial real estate development. Established in Riyadh in 2007, Rafal is renowned for its innovative mixed-use developments and pioneering gated communities.

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