Albilad Capital buys Mövenpick Hotel & Residences in Riyadh’s Al-Ghadir for SAR 1B

Logo of Albilad Capital

Albilad Capital, through its Albilad Hospitality Fund, acquired the Mövenpick Hotel & Residences in Riyadh’s Al-Ghadir district in a deal valued at approximately SAR 1 billion.

In a statement picked up by Argaam, the company said this acquisition marks a strategic entry for Albilad Capital into Riyadh's hospitality market. The Mövenpick Hotel & Residences comprises 359 units, including 269 guest rooms and 90 luxury residences. Since its opening in December 2021, the hotel has been one of Accor’s top-performing assets.

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Zaid Al-Mufreh, CEO of Albilad Capital, stated that this acquisition is a milestone for Albilad Capital and a testament to its commitment to the growing tourism sector in Saudi Arabia.

"This acquisition represents a significant step for the Albilad Hospitality Fund, demonstrating our dedication to building a high-quality portfolio of hospitality assets. Through this, we aim to enhance the guest experience at this prominent property and support Riyadh’s development as a global destination,” he added.

According to the company, Albilad Hospitality Fund is focused on developing and owning luxury and tourism assets within Saudi Arabia’s hospitality sector. It seeks to provide regular returns to investors through the distribution of operational proceeds, with an expected average annual return of 8.7% over the next three years.