DoubleDragon Corp. announced on Thursday a joint venture agreement to develop 10,000 hotel rooms in Saudi Arabia, with a total project value of $2.5 billion (P137.5 billion).
Hotel101 Global, DoubleDragon’s hospitality arm, signed the deal with Horizon Group, a Saudi investment company led by Khaled and Abdulrahman Sharbatly and Wael Daqal.
The first five Hotel101 locations will be in Medina, Riyadh, Jeddah, Abha, and Alula, with each site averaging 500 rooms.
“We are inspired by the leaders of Saudi Arabia and their sheer determination and willpower to make things happen. As such, we are confident in the plans they have laid out for the region, and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel101 rooms worldwide,” said Hotel101 Global founder Edgar “Injap” Sia II.
Hotel101 plans to expand into Saudi Arabia using its standardized room model, which offers identical rooms in every location for a consistent guest experience. This model allows for rapid growth while providing value to guests and unit owners.
The partnership combines Hotel101’s “HappyRoom” concept and condo-hotel funding model with Horizon’s market expertise and connections in the region.
“We feel very fortunate to have found the right local partners to rapidly expand the Hotel101 brand in the Kingdom of Saudi Arabia, which is one of the 25 countries we have identified for the initial expansion of Hotel101,” said Hotel101 chief executive Hannah Yulo-Luccini.
“We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally,” she said.
Horizon Group chief executive Abdulrahman said that with Hotel101’s rapid-build model and Horizon’s local know-how, “we will add 10,000 quality, affordable rooms across the Kingdom—supporting Vision 2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike.”
Hotel101 acknowledges the strategic opportunities in the Saudi market and its Vision 2030 plan. The company said it is committed to rolling out a standardized hotel offering, averaging 500 rooms per site, to meet the evolving demands of the Saudi market.
In 2023, Saudi Arabia welcomed 27 million international tourists and 79 million domestic tourists, surpassing 100 million visitors. A total spend of $67 billion demonstrated the robust tourism sector, aligning with the target of over 150 million tourists by 2030. This growth presents substantial opportunities in support services and infrastructure, including hotels, shopping, food and beverage and transportation.
