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Saudi Arabia:– The Tourism Development Fund (TDF) today signed a Memorandum of Understanding (MoU) with Deutsche Hospitality, the umbrella brand of the German hotel company Steigenberger Hotels AG, to develop and operate Steigenberger Porsche Design Hotels projects in Saudi Arabia.
The agreement – which was signed in the presence of His Excellency Ahmed Al-Khateeb, Minister of Tourism and Chairman of the Board of Directors of the Tourism Development Fund – includes the right to exclusively launch the first Steigenberger Porsche Design Hotels project in the Middle East. The MoU was signed by Qusai Al-Fakhri, CEO of TDF and Marcus Bernhardt, CEO of Deutsche Hospitality.
The luxurious Steigenberger Porsche Design Hotels will feature the distinctive Porsche lifestyle design coupled with Steigenberger hospitality and service quality, offering an innovative hotel concept within the lifestyle segment. With a minimum of 150 rooms, suites, and penthouses, the hotels will include a restaurant and lounge concept, exclusive meet and greet areas, and world-class health and beauty facilities, with a gym and wellness area. Guests will also benefit from an individualized journey at every touchpoint, driven by the hotel’s focus on hyper personalization, innovation, and functional approach.
Qusai Al-Fakhri, CEO of TDF, said: “We are pleased to announce the signing of this MoU with Deutsche Hospitality, a company that blends world-class hospitality with elevated standards to attract entities to invest in, develop, and operate high-quality, iconic hotel projects in Saudi Arabia. Through this collaboration – which will result in first of its kind hospitality offerings – we continue to enhance the Kingdom’s tourism offering under the National Tourism Strategy.”
Marcus Bernhardt, CEO of Deutsche Hospitality, said: “We are pleased to collaborate with TDF to launch new hotel projects in Saudi Arabia, including the first Steigenberger Porsche Design Hotel in the Middle East. The project will cater to the sophisticated needs of the Saudi market, creating a unique and innovative experience within the Kingdom’s luxury lifestyle hotel segment that is sure to offer an incomparable guest experience. A Porsche Design Hotel in Saudi Arabia reflects our commitment to the region and our support for the Kingdom as a leading global tourist destination.”
TDF plays a pivotal role in advancing tourism development in Saudi Arabia by enabling private investors to participate in the sector. It provides support to SMEs and large institutions alike, ranging from planning to providing support from various tourism-related government agencies. The Fund offers a variety of tailored solutions that suit the needs of investors, including direct financing, bank guarantees, and co-financing with banks.
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About Tourism Development Fund
The Tourism Development Fund (TDF) was established in 2020 with a capital of USD 4 billion to drive tourism growth in Saudi Arabia. TDF enables local and international investors looking to benefit from the sector’s high potential by providing viable funding solutions and leveraging its wide network of partners including government entities, public and private lenders as well as operators and service providers…all deployed to bring investments to life.
Positioned firmly at the heart of Saudi’s tourism ecosystem, TDF is well placed to offer guidance and funding options to SMEs, and tailored investment solutions to qualified investors. The Fund’s vision is to contribute towards achieving the National Tourism Strategy’s objectives by unlocking opportunities in the tourism value chain for private sector investors, while focusing on long-term sustainability.
About Deutsche Hospitality
Vision, passion and cosmopolitanism. Deutsche Hospitality delivers the perfect guest experience. Tradition and an eye for the future come together in an inimitable portfolio of eight brands operating across more than 160 hotels globally. “Celebrating luxurious simplicity.”: Steigenberger Icons are extraordinary luxury hotels which combine historical uniqueness and modern concepts. The Steigenberger Porsche Design Hotels brand is generating innovative impetuses in the Luxury Lifestyle Segment. Steigenberger Hotels & Resorts represent the epitome of upscale hospitality on three continents. Jaz in the City’s Lifestyle Hotels dictate the rhythm in the Upscale Sector. House of Beats unites a passion for the hotel business with the fascination of lifestyle, fashion and music. IntercityHotel is located at the very hub of any destination and offers a true home of comfort and mobility in the Midscale Segment. MAXX by Deutsche Hospitality is a charismatic conversion brand which is also positioned in the midscale area of the market. Zleep Hotels provide a smart marriage of design and functionality in the Economy Segment. All of these brands are unified under H-Rewards, Deutsche Hospitality’s loyalty program which yields benefits from the first booking onwards. The vision is clear. In conjunction with its shareholder Huazhu, Deutsche Hospitality aims to advance to become one of Europe’s leading hotel companies.
© Press Release 2022
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