Albilad Capital Acquires Mövenpick Hotel & Residences in Riyadh's Al-Ghadeer District
In a landmark transaction valued at nearly one billion Saudi Riyals, Albilad Capital, through its Albilad Hospitality Fund I, has acquired the prestigious Mövenpick Hotel & Residences in Riyadh's upscale Al-Ghadeer district. This acquisition stands as one of Saudi Arabia's most significant single-property deal in the hospitality sector, underscoring Albilad Capital's strategic expansion into Riyadh's thriving tourism market and its commitment to advancing Saudi Arabia's Vision 2030 by investing in high-quality hospitality assets.The Mövenpick Hotel & Residences is a premier five-star property, featuring 359 units, including 269 guest rooms and 90 exclusive residences. Since opening in December 2021, it has emerged as one of Accor's top-performing assets. The property offers an array of seven upscale dining venues with diverse international cuisines and spans 4,468 square meters of meeting and event spaces, positioning it as a leading choice for business and social gatherings in the capital.Saudi Arabia's hospitality sector is on a fast growth trajectory, driven by transformational projects such as the launch of Riyadh Air and the development of King Salman International Airport, which is projected to accommodate 120 million passengers by 2030. Additionally, high-profile events like the 2027 Asian Games, the 2034 FIFA World Cup, and Expo Riyadh 2030, alongside recurring attractions such as Riyadh Season, are set to enhance year-round tourism and business travel.Commenting on the acquisition, Zaid Almufarih, CEO of Albilad Capital, stated, “This acquisition is a defining milestone for Albilad Capital and a testament to our dedication to Saudi Arabia's rapidly expanding tourism sector." He added, “It's a strategic step forward for Albilad Hospitality Fund I and reflects our commitment to building a premier portfolio of hospitality assets. We are excited to enhance the guest experience at this remarkable property and support Riyadh's growth as a world-class destination."Albilad Hospitality Fund I is focused on developing and owning luxury tourism and hospitality assets within Saudi Arabia. It aims to deliver consistent returns to investors, with an anticipated average annual distribution of 8.7% over the next three years. The acquisition of the Mövenpick Hotel & Residences, as the fund's inaugural asset, exemplifies its mission to provide high-growth investment opportunities aligned with Vision 2030. Positioned at the forefront of Riyadh's rising profile as a global destination, this acquisition enables Albilad Hospitality Fund I to harness the upward momentum in tourism while supporting Saudi Arabia's broader economic diversification goals.