Exciting news today hailing from Colliers International Hotels!
Colliers International Hotels has successfully finished the operator search and selection on behalf of United Youth Company (UYC) with the appointment of Accor to operate a new Novotel in Riyadh. Located in the northern part of the capital, the hotel will have 215 rooms and is expected to be completed in 2017.
Colliers was the lead consultant for UYC throughout the market and financial feasibility process, operator search and selection and contract negotiation. The appointment is the eighth consecutive signing within eighteen months for Colliers International Hotels MENA, highlighting the strength of its relationships within the global hotel industry and market expertise
Following the signature of the Management Agreement on the 17th June, 2014, between United Youth Company (UYC) and Accor concerning a new Novotel in Riyadh, Saudi Arabia, the President of UYC Mr. Mutaz Hassanain commented on the contribution of Colliers International:
“I would like to voice my appreciation for the professionalism and dedication shown by Colliers International throughout the initial feasibility studies and the subsequent negotiations with Accor. In particular I would like to thank Filippo Sona whose experience and lucidity facilitated our understanding of a number of the complex technical issues contained in the Agreement; and who also provided first class support to the UYC team throughout the negotiations.”
Below is the testimony of Accor Development team:
“Operator selection process led by Colliers International was carried-out in a structured, constructive and timely fashion. Thanks to their market knowledge and robust methodology, Colliers International team was able to extract the maximum value for the owner’s investment while ensuring proper alignment with industry best practice.”
The Novotel signing adds to an impressive list of completed operator selection processes conducted by Colliers International Hotels MENA, such as Aloft by Starwood at Al Ain Football Club Stadium and Millennium Hotels and Executive Apartments in Jeddah Corniche.
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