Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled ‘Boutique Group’ to develop historical palaces into luxury boutique hotels, the Kingdom's Public Investment Fund (PIF) announced on Thursday.
Boutique Group is a “a new hospitality brand that will manage and convert a collection of iconic historic and cultural palaces in Saudi Arabia into ultra-luxury boutique hotels. The company will revive the vibrant heritage and culture of Saudi Arabia to create a new and unique hospitality experience,” the PIF announced in a statement on Thursday.
Yasir al-Rumayyan, Governor of PIF, said, “His Royal Highness the Crown Prince's launch of the Boutique Group underlines PIF’s mandate to unlock the capabilities of promising sectors in Saudi Arabia that can help drive the diversification of the economy and contribute to non-oil GDP growth.”
He added, “The group will enhance the Kingdom’s already unique tourism offerings, strengthening Saudi Arabia’s position as a leading regional and international tourism and cultural destination and contributing to Saudi Vision 2030.”
The first phase of the project will focus on the development of three palaces including al-Hamra Palace in Jeddah, Tuwaiq Palace and Red Palace in Riyadh.
Al-Hamra Palace will reportedly offer 77 keys, including 33 luxury palace suites and 44 luxury villas in Jeddah. Tuwaiq Palace will provide 96 keys of 40 luxury palace suites and 56 luxury villas. Whereas Red Palace will offer 71 keys, including 46 luxury suites, and 25 luxury guest rooms.