The Ascott Limited aims to have 20 properties operating or in the pipeline by 2020 in Saudi Arabia.
The international serviced residence owner-operator will focus on cities such as Riyadh, Jeddah, and Dammam, with plans to expand further into secondary cities, within the next five years.
Talking about the expansion plans, Vincent Miccolis, area general manager for the Middle East & Turkey, said: “We welcome Saudi Arabia’s strong plans to enhance its tourism industry, particularly noting the desire to expand the serviced residence sector.
"The country’s goals fit perfectly with our own vision for expansion. We are ahead of the curve as we already have an established presence of five serviced residences, with another seven in the pipeline."
Miccolis added: "With the recent news that a long section of the Red Sea coastline is going to be developed, there will be even more opportunities for hospitality providers, like The Ascott Limited, to grow in KSA.”
MENA Herald reported that since 2014, The Ascott has expanded in the Middle East, growing from operating three properties to 10 properties with 1,487 keys currently.
Five of those serviced residences are in Saudi Arabia, accounting for 608 keys.