In a move that reflects the rapid growth of the hospitality and tourism sector in the Kingdom of Saudi Arabia, construction of the Tribute Portfolio Hotel Tower by Marriott International has begun on the South Obhur Waterfront.
This project comes within the framework of the Kingdom’s Vision 2030, which aims to diversify the economy and enhance the tourism sector as one of the main pillars of development.
Project Details
Height and Design: The hotel will be 12 floors high, and will feature a modern architectural design that matches the picturesque nature of the waterfront.
The design will take into account environmental sustainability standards, as modern technologies will be used to reduce energy and water consumption.
Number of Rooms: The hotel will include 153 rooms and suites, all with panoramic sea views, providing a unique accommodation experience for guests.
Facilities: The hotel will be equipped with a number of luxurious facilities, including:
Spa: It will offer a wide range of treatments and services that focus on relaxation and rejuvenation.
Sports Club: Equipped with the latest sports equipment to meet the needs of fitness-conscious guests.
Restaurants and cafes: Offering a variety of international and local cuisines, with direct sea views.
Project Importance
This project comes within the framework of the Kingdom’s great efforts to enhance the tourism sector, as data issued by the Saudi Commission for Tourism and National Heritage indicate that the tourism sector contributed about 3% of the GDP in 2022, with expectations of increasing this percentage to 10% by 2030.
In addition, the hotel is expected to provide direct and indirect job opportunities for more than 200 people, contributing to reducing unemployment rates.
Economic Impact
According to a report issued by Colliers International, a real estate market research company, investments in the hospitality sector in the Kingdom witnessed a growth of 15% during the past year, with expectations of increasing annual revenues from the hotel sector to $ 10 billion by 2025. This project is part of this investment boom.
“The establishment of the Tribute Portfolio Hotel by Marriott on the southern Labhar waterfront represents a strategic step towards enhancing the tourism infrastructure in the Kingdom of Saudi Arabia. This project is not just a luxury hotel addition, but is part of a broader vision to diversify the economy and attract foreign investment. With the increasing demand for world-class hotels in the Kingdom, this hotel is expected to contribute to increasing hotel occupancy rates and enhancing the region’s position as a distinctive tourist destination. In addition, the integrated facilities that the hotel will offer, such as the spa and gym, will meet the expectations of visitors looking for integrated experiences during their stay. According to experts’ expectations, this project will contribute to enhancing the GDP of the tourism sector, reflecting the success of the Kingdom’s Vision 2030 in transforming the economy into a more diverse and sustainable model.”
