Saudi-US Partnership To Develop 50 Business Hotels By 2029

Dubai (PlantAndEquipment.com) - The Patel Family Office in the United States and Abdel Hadi A. Al-Qahtani & Sons (AHQ) in Saudi Arabia have agreed to invest $1 billion in the development of 50 business hotels around the Kingdom by 2029.

The initiative will be carried out via AYARA, a new hospitality platform created in collaboration with Abdelmalik Tariq Al-Qahtani Company (ATQ) Hospitality Group, an AHQ subsidiary. The deal was struck at the FII Priority Summit in Miami.

The hotel network will cater to business travelers, consultants, and project teams, with locations planned in significant cities such as Riyadh, Jeddah, and Dammam, as well as growing destinations like NEOM and the Red Sea area.

The portfolio is projected to produce 5,000 to 7,000 rooms and will include site acquisition, modular construction, in-house furnishings, and hotel management.

The Patel Family Office will be in charge of hospitality strategy and operations, while AHQ will focus on growth. ATQ Hospitality Group is scheduled to run the hotels alongside multinational brands.

The investment is consistent with Saudi Arabia's Vision 2030 aim to grow tourism and diversify the economy, with big events like Expo 2030 and the FIFA World Cup 2034 projected to increase demand for accommodations.