Expected to be handed to the hospitality group in the first quarter of this year, the property will become the first JW Marriott brand hotel in the Kingdom.
Refurbishments to the property will include the installation of new F&B venues such as Kahwet Al Mandaloun and JW Grill. The hotel is housed with a 64-storey tower, which is currently the tallest operational building in the capital.
The property will be part of the Capital Gate community project in the Kingdom, a 100,000 sqm space for offices, retail and entertainment.
Marriott International, Middle East & Africa CDO Jerome Briet explained: “Saudi Arabia remains an important growth market for the company and we continue to see opportunity to further diversify our footprint in the Kingdom. We are also seeing an increasing demand for conversion deals in the country, which is a strong reflection of Marriott’s powerful network, compelling brand portfolio, loyal customer based and commitment to deliver value for our owners.”
Riyad REIT fund manager Abdulaziz Al Mousa said: “The ambitious plans of the government to transform the leisure, entertainment, and business environment has already taken a foothold in the country. An increase in inbound travel, a boost in domestic tourism, and significant growth in events this year has clearly shown the untapped potential of the country.”
Al Mousa added: “Working with Marriott International to operate the asset under the JW brand – the first in the kingdom – will deliver an unprecedented level of service and accommodation in Riyadh given the hotel’s diversified amenities and location.”