Saudi TDF launches $400mln hospitality fund with Ennismore

Saudi TDF launches $400mln hospitality fund with Ennismore

Saudi-based Tourism Development Fund (TDF) signed a tripartite agreement with Ennismore, one of the world’s largest and fastest-growing lifestyle hospitality companies, and Al Rajhi Capital, a leading asset manager in the kingdom, to establish a hospitality investment fund with a capital of SR1.5 billion ($400 million) that will advance lifestyle hotels.

Ennismore is a joint venture between Sharan Pasricha, founder & Co-CEO, and Accor, bringing together a lifestyle powerhouse of 14 brands with 101 operating properties globally, and 137 in the pipeline.

The Ennismore brands include: 21c Museum Hotel, 25hours, Delano, Gleneagles, Hyde, JO&JOE, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/, The Hoxton, Tribe and Working From.

The move is aimed at helping enhance promising sector-leading opportunities in various tourist destinations within the kingdom.

This partnership deal compliments the initial endeavour in October last year when TDF and Ennismore signed the MoU to launch an investment fund focused on developing lifestyle hotels in the kingdom at the 5th edition of the Future Investment Initiative (FII).

Under this latest agreement, the companies will identify locations and provide financing options for projects throughout the kingdom.

TDF said it will invest in the newly established investment fund, while Ennismore will lead on developing and operating these projects under the