Luxury Serviced Apartments to Open in Riyadh

The Kingdom Tower in Riyadh, Saudi Arabia
Kingdom Tower Riyadh Saudi Arabia // Photo by swisshippo/iStock/Getty Images Plus/Getty Images

 

Big news from Saudi Arabia's luxury scene today: Hotelier Middle East is reporting that Damac Properties has unveiled the $200 million designer Esclusiva Serviced Apartment development in downtown Riyadh.

The new development, due for completion in 2016, is to be managed by Damac’s hospitality department and will feature Fendi design and furnishings through a partnership with the Italian fashion brand. Owners will be able to rent the apartments on a per-night basis, like in a "five-star hotel", according to Damac.

Free Luxury Travel Newsletter

Like this story? Subscribe to The Dossier

Luxury Travel Advisor’s only newsletter, covering unique destinations and product news for affluent travelers. Delivered every Tuesday & Thursday.

“Damac Hospitality was established to allow us to work closer with our customers who are buying our serviced apartments units, so that when they are not using it they can add them to a rental pool. The properties in the rental pool are then rented by Damac hospitality on a per night basis, as if it is a five-star hotel, which allows the owner to earn their fair share of the revenue minus management fees,” explained Damac Properties managing director Ziad El Chaar.

The tower’s 100 serviced apartments are being made available for sale by invitation and pre-approval only, with an asking price of approximately $8,000 per square meter.

Located in downtown Riyadh overlooking Kingdom tower, the development will have a spa, swimming pools, gymnasiums, restaurants and cafes.

 

 

 

Read more on:

Suggested Articles:

Raffles Bali has 32 private pool villas overlooking the Indian Ocean and is the brand's first to offers its new wellbeing program. Check it out.

The Dupont Circle in D.C. will show off a new bar and restaurant, lobby, and penthouse suite, plus completely updated rooms and suites. Read more.

African Bush Camps has announced the step taken to safeguard health at its 15 luxury bush camps and lodges across Botswana, Zimbabwe and Zambia.