Hilton hotels set for Saudi Arabia's $3.5bn The Avenues – Riyadh
Developer Shumoul Holding Co has entered an agreement to build and operate four Hilton properties at the upcoming project
American hotel company Hilton and Saudi Arabia's Shomoul Holding Company have signed a contract to develop and operate four hotels at the $3.5bn (SAR13bn) The Avenues – Riyadh.
Among the four Hilton hotels to be operated at project are a 350-key Waldorf Astoria; a 400-key Conrad; a 500-room Hilton Garden Inn; and a 150-room Canopy by Hilton hotel each.
The Avenues – Riyadh, one of Saudi Arabia's top construction projects this year, will include space for 1,300 stores, in addition to five multi-purpose towers consisting of hotels, exhibition, conference halls, residential apartments, offices, and medical facilities.
Shumoul is a subsidiary of Mabanee Kuwait, a developer that is listed on Kuwait's bourse. According to Mabanee's website, The Avenues – Riyadh is due to be inaugurated in 2022.
Commenting on the agreement with Hilton, Mohammed A Alshaya, chairman of Shomoul and Mabanee, said: “Having four of Hilton’s brands as part of [The Avenues – Riyadh] will create an incredible destination for shoppers and travellers across the region and the world.”