Riyadh – Sharikat Mubasher: Smart Zone Hotel Company, a joint venture between Taiba Investments and Smart Zone Real Estate Company, closed an agreement with Marriott International to operate a new Marriott Hotel in stc Square.
This joint venture was initially formed between Dur Hospitality and Smart Zone Real Estate Company, with Dur Hospitality now being acquired by Taiba Investments, according to a recent press release.
Expected to open in 2027, the new Marriott Hotel will be developed by Smart Zone Hotel Company in Riyadh’s stc Square, a smart mixed-used project uniquely designed to be a smart community in alignment with the LEED V4 sustainable certificate, and developed by Aqalat Al Aqariya, stc Group’s real estate investment arm.
Commenting on the agreement, Sultan Al-Otaibi, CEO of Taiba Investments and Chairman of Smart Zone Hotel Company, stated, “We are determined to bring to life distinctive properties, exemplified by the development of a new hotel in Riyadh’s stc Square, built from the ground up with high tech solutions. This hotel will be a unique property, resulting from the collaboration between Taiba Investments and AQALAT, seamlessly integrating hospitality and technology. By working with Marriott International, we are setting new benchmarks in the hospitality industry and strengthening our long-standing relationship. This new hotel supports our mission of promoting ultra-modern, sustainable, and high-standard developments across the Kingdom. We are excited to collaborate with AQALAT on this project, creating a unique blend of hospitality and technology that we believe will redefine excellence in the industry.”
Satya Anand, President, Europe, Middle East & Africa, Marriott International commented, “Our longstanding presence in Saudi Arabia has been built on the trust and vision we share with our owners, and we are delighted to work with Taiba Investments and stc on Riyadh Marriott Hotel Al Mursalat. With our existing operations and upcoming projects in Saudi Arabia, we have an incredible portfolio of properties that align with the diversity of travel experiences the Kingdom plans to offer as part of its Vision 2030 framework. Saudi Arabia continues to present exciting expansion opportunities for Marriott International, and we remain committed to supporting the growth of the country’s tourism sector.”
Earlier in 2023, Dur Hospitality signed an agreement with Smart Zone Real Estate Company to establish a joint venture – Smart Zone Hotel Company – to develop and operate a new hotel in Riyadh. The new operations agreement between Smart Zone Hotel Company and Marriott International represents a significant step forward in the project.