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.
“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.