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11-05-23
Saudi Arabia's Boutique Group to transform up to 10 palaces into boutique hotels
(MENAFN) Saudi Arabia's Boutique Group, a subsidiary of the Public Investment Fund, is hopeful that it will announce the next batch of palace-to-hotel transformations by the end of the year, according to its CEO, Mark DeCocinis. As many as 10 palaces could be transformed into boutique hotels over the next decade, he added. DeCocinis confirmed that work on turning Jeddah's Al Hamra Palace into an ultra-luxury hotel is around "30 to 40 percent" complete, with its doors set to open for visitors by the first quarter of 2025. Al Hamra Palace is one of three being converted into resorts as part of the first phase of works in what is a key part of Saudi Arabia's aim to become a global tourism hub and attract 100 million tourists annually by 2030.
Boutique Group was launched in January 2022 by Saudi Crown Prince Mohammed bin Salman, and the first three palaces identified were Al Hamra Palace, Riyadh-based Tuwaiq Palace, and Red Palace. Speaking on future plans for Boutique Group, DeCocinis said, "The vision is to identify other palaces, because there are many historic and beautiful palaces. We have other palaces that we will announce hopefully later this year that are under consideration right now. I can’t announce them officially, but we will let you know as soon as that’s confirmed, but we do have plans."
DeCocinis was clear that the vision from the crown prince was to see many more palaces transformed, but the company would "be very selective and careful" when it comes to selecting facilities. "I would say our goal, and the vision from His Royal Highness and with PIF, is we will have about 10 palaces in the next 10 years." He added, "Right now, we’re in the key cities, but we will also look at if it’s time for some of the other regions, because we want to also help develop other parts of Saudi Arabia."
The transformation of palaces into boutique hotels is a key part of Saudi Arabia's strategy to boost its tourism sector and attract more visitors to the country. The country aims to become a global tourism hub and attract 100 million tourists annually by 2030. The Future Hospitality Summit in Riyadh, where DeCocinis made his comments, took place from May 7-9 and focused on the importance of sustainability, innovation, startups, and human capital development. As Boutique Group continues to work on transforming palaces into luxury hotels, it is expected to play a significant role in the development of the country's tourism industry.
MENAFN11052023000045014228ID1106224073
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