Why Staywell is opening two Park Regis hotels in Makkah

Park Regis Makkah

StayWell Hospitality Group has signed a management agreement with Asas Capital in Dubai to open and operate its first two Park Regis in Makkah, Saudi Arabia.

Expected to open in the second quarter of 2018, the two hotels have 286 and 344 guest rooms, respectively. The opening of the Park Regis Makkah hotels will bring the StayWell Hospitality Group's portfolio to 31 hotels worldwide, with four in the region, and a step closer to the group's strategic objective of expanding its portfolio to 100 hotels within three years.

"For strategic and logistic reasons, it makes sense for us to have a contract that covers two hotels," StayWell Hospitality Group CEO Simon Wan said at the signing. "Saudi Arabia is an extremely important market for us in the Middle East region." Wan also hinted at plans to bring the group's Leisure Inn brand to the kingdom.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Wan also noted that Saudi Arabia is changing its tourism strategy. "Hajj and Umrah are both important times for us, but now Saudi Arabia is opening more visas for Umrah, which will increase demand for hotel rooms. There are also several ongoing and expansion projects that will require a greater number of hotel rooms in the coming years, such as the expansion of Jeddah International Airport and the expansion of the Grand Mosque to accommodate more pilgrims," he said.

Source: Khaleej Times

Suggested Articles

While upscale's pipeline is larger, upper-midscale's YOY pipeline increase is significantly higher, according to STR data.

The company reportedly operates more than 125,000 vacation homes worldwide and is looking to add more.

The 375-room Fairmont Rio de Janeiro Copacabana sits right on Copacabana beach.