HVS Hodges Ward Elliott successfully advised the General Organisation for Social Insurance (GOSI) to select Hilton Worldwide as a partner to operate their new-build Granada hotel in Riyadh, Saudi Arabia. GOSI is a semi-state insurance and pensions company that has a real estate portfolio with a current value close to $2.3 billion, consisting of commercial, office and residential projects within Saudi Arabia.
The Hilton Riyadh Hotel & Residences will feature two towers, a 20-storey hotel tower with 480 guestrooms and a 14-storey tower with 350 apartments. In addition, the hotel will offer several food and beverage outlets, extensive meeting and conference facilities and a spa and health club. The hotel will be strategically located on the Eastern Ring Road, which links Riyadh’s international airport with the city centre. Also nearby are the King Abdullah Financial District, a business park that will be home to the future Saudi Stock Exchgetting ange, and the new Riyadh International Conference Centre. The hotel will benefit from being located between and linked to the Granada Shopping Centre, the country’s largest mall, and the Granada Business Park, both owned and developed by GOSI.The project received strong interest from a number of international operators.
This will be the first Hilton branded hotel in the capital and its opening is scheduled for the end of 2013.
HVS Hodges Ward Elliott is a brokerage and investment-banking firm providing transaction-related services relating to the sale, acquisition, financing and operation of hotels at all scales, including portfolios, resorts and landmark urban hotels. With a comprehensive knowledge of capital markets, HVS Hodges Ward Elliott has extensive experience across all European commercial and resort markets. HVS Hodges Ward Elliott differentiates itself by taking a value-added approach to transaction advisory, by creating business plans for assets to unlock value for both the seller and purchaser.
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