Rotana announces $130 million investment, support for Vision 2030

Rotana announces $130 million investment, support for Vision 2030
Centro Waha, Riyadh
Updated 08 February 2017

Rotana announces $130 million investment, support for Vision 2030

Rotana announces $130 million investment, support for Vision 2030

Rotana, one of the leading hotel management companies in the Middle East, Africa, South Asia and Eastern Europe, will open four new hotels in Saudi Arabia in 2017 as it continues to look to markets in the GCC to drive business growth and expansion, the company’s chief operating officer Guy Hutchinson said in Jeddah on the sidelines of the Rotana Hotels 2017 GCC Roadshow.
All four of the upcoming Rotana properties in the Kingdom will be under the company’s affordable lifestyle hotel brand “Centro by Rotana.”
Centro Waha, Riyadh will open in the second quarter of this year and Centro Salama, Jeddah will open in the third quarter of this year, while the remaining two properties — Centro Olaya, Riyadh and Centro Corniche, Alkhobar — are set for a Q4 2017 opening. The projects represent a total investment of $130 million.
“Saudi Arabia is pivotal to Rotana’s expansion strategy for the region,” Hutchinson said. “Despite the knock-on effects of the oil price slide and the prevailing tough global economic environment on tourism spending, Saudi Arabia’s tourism and hospitality sector has shown remarkable resilience, thanks to the nation’s determined push toward economic diversification. The Saudi government recognizes the crucial role that tourism can play in driving the country’s economy away from oil dependency and achieving sustainable and inclusive growth, and is doing everything in its capacity to support the creation of a world-class tourism infrastructure to set the ground for future growth.”
He added: “Widening the accommodation choices for visitors by bringing more mid-market offerings to the market is vital to keeping Saudi Arabia on the fast track toward achieving its tourism goals. There is today an urgent need for more budget-friendly hotels in the Kingdom as travelers look for affordable accommodation that doesn’t compromise on comfort and convenience. Rotana is responding to these demands by bringing to Saudi Arabia an impressive collection of properties under our ‘Centro’ brand, which has redefined the rules of the mid-market game by combining world-class service and comfort in an affordable package.”
In addition to being one of the Middle East’s fastest-growing inbound tourism markets, Saudi Arabia is also a key driver of travel demand for Rotana hotels across the region.
“Saudi Arabia is the second largest feeder market for Rotana hotels in the region after Great Britain. We remain very optimistic on the Kingdom’s tourism sector and we expect occupancy rates at our hotels in 2017 to be in line with last year’s numbers,” Hutchinson said. “Rotana recognizes the catalytic potential of hospitality and tourism in helping Saudi Arabia usher in an era of diversified economic growth, and we are committed to supporting and contributing to the goals outlined in the Saudi Vision 2030 roadmap.”