Accor announced on Monday it is partnering with Saudi developer Erth Real Estate Company to open three new hotels in capital Riyadh.

Raffles Riyadh and Sofitel Extended Stay would be housed in two towers within the $1.1bln Al Yasmin District mixed-use project in Riyadh
Raffles Riyadh and Sofitel Extended Stay would be housed in two towers within the $1.1bln Al Yasmin District mixed-use project in Riyadh
Raffles Riyadh and Sofitel Extended Stay would be housed in two towers within the $1.1bln Al Yasmin District mixed-use project in Riyadh (Accor)

The hospitality company said in a press statement that the 230-key Raffles Riyadh hotel and the 250-key Sofitel Extended Stay serviced residences - would be located within the 4.2 billion ($1.1 billion) Saudi Riyal Al Yasmin District mixed-use project.

A 60-villa MGallery Resort Riyadh, the third hotel, would be located in the Al Waseel district in a wadi surrounded by date farms.

The company said all three hotels will open by 2027, adding that the lead architect is Foster + Partners, the statement said.

Accor currently operates 42 properties (16,000+ rooms) in Saudi Arabia and has a development pipeline of 34 properties which will add approximately 7,000 rooms to the Group's portfolio by 2027. Properties expected to arrive in 2023 include Raffles Jeddah, Fairmont Ramla Serviced Residences Riyadh, Sofitel Riyadh, Movenpick Waad Al Shamal-Turaif and Novotel Makkah Thakher City Residences.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)