Four Seasons Unveils $827M Luxury Hotel and Residence Project in Saudi Arabia
Diriyah Company and Midad Real Estate Co. have joined forces to bring to life the Four Seasons Hotel and Private Residences Diriyah in Saudi Arabia, a project with a staggering value of $827 million (SAR 3.1 billion). This week’s announcement signifies a considerable surge in the Kingdom’s luxury hospitality sector.
The development is set to showcase a 159-room Four Seasons hotel, complemented by private residences, all spread across an expansive 235,938 square meters within the esteemed Diriyah masterplan. Nestled just 15 minutes away from Riyadh, the historic Diriyah site, a 300-year-old landmark, is recognized as the Kingdom’s birthplace and houses the UNESCO World Heritage Site At-Turaif.
“The Four Seasons Hotel Diriyah will be one of our largest luxury hotels and we are proud to announce this joint development agreement with Midad, one of the Kingdom’s leading real estate developers,” expressed Jerry Inzerillo, Group CEO of Diriyah Company. This project is a part of Saudi Arabia’s Vision 2030 initiative, aimed at diversifying the economy and positioning the country as a global tourism hotspot.
- Upon completion, the broader Diriyah development is projected to:
- Attract 50 million annual visits
- Create over 180,000 jobs
Source: Travel and Tour World