Mövenpick inks deal for new hotel in Saudi's $7.8 bln financial district

Mövenpick Hotels & Resorts will manage a hotel in Saudi Arabia’s $7.8 billion King Abdullah Financial District (KAFD), marking its second hotel in Riyadh, the company said in a statement.

The 353-key Mövenpick Hotel Financial District Riyadh hotel, set to open in 2017, is expected to benefit from the presence of multinational institutions and corporations located in the new financial hub.

"The property's diverse inventory, spanning 264 rooms, 85 apartments and four bungalows, will meet the demands of short-term guests attending meetings and conferences and long-stay executives,” Andreas Mattmüller, the company’s chief operating officer for the Middle East and Asia, said in the statement.

The Swiss firm operates 3,456 rooms across nine properties in the kingdom. It’s also planning to expand to add more properties with 1,370 additional rooms. Mövenpick will also open its third hotel in Jeddah this year, as well as its third in Al Khobar in 2016.