Capitas, IFA to build YOTEL in KSA
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Capitas Group International (CGI) recently signed an exclusive joint venture agreement with IFA Hotel Investments (IFA HI). The agreement targets the development of YOTEL branded hotels across the Kingdom.
Under the JV, CGI is IFA HI’s exclusive partner to develop YOTEL branded hotels in Saudi Arabia. IFA HI will invest capital in projects and asset-manage the hotels after development, while YOTEL will be the hotel operator. The YOTEL product will also be customized to local requirements in each market across the Kingdom.
Tariq Hameed, managing director of CGI’s Development Management Service, said: “We are looking to develop the hospitality sector in the Kingdom. As we assist clients in their own projects, we also look forward to bringing unique product to investors and land owners across the Kingdom.”
“In the first phase we will be identifying locations in Jeddah, Riyadh, and the Holy Cities for potential YOTEL projects. We have already started these conversations with land owners and look forward to expanding these discussions with other potential partners looking for viable projects to contribute their land,” added Hameed
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