(MENAFN- The Peninsula) Doha: Al Rayyan tourism investment Company (ARTIC), one of the world's leading hotel investment companies and fully owned by Al Faisal Holding Group, has announced that it has signed an agreement with Marriott International to rebrand the residential developments of the Al Jazi Egypt project. The Ritz-Carlton Residences will replace JW Residences, and JW Marriott Residences will replace Marriott Residences. The rebranding reflects the superior quality of these developments, offering the highest standards of residential real estate.
The Al Jazi Egypt project is located in the centre of New Cairo city and is a mixed-use development featuring a distinctively designed commercial mall“Al Jazi First Mall”, a modern office building“Chess field Al Jazi”, a hotel under the“Moxy” brand of Marriott, and two Marriott International residential developments“The Ritz-Carlton Residences New Cairo, Al Jazi Gardens” and“JW Marriott Residences”. These will be the first two residential developments carrying a hotel brand in Egypt. The Al Jazi Egypt project has been fully completed and all the units in the“JW Marriott Residences New Cairo, Al Jazi First” development have been sold. The“Ritz-Carlton Residences New Cairo, Al Jazi Gardens” project is 95% completed.
The agreement was signed during a dinner hosted by ARTIC at the Sheikh Faisal bin Qassim Al Thani Museum to mark the visit of the CEO of Marriott International Anthony Capuano, President of Marriott International Craig Smith,and President of Marriott International for Europe Middle East & Africa Sataya Anand to Qatar. The dinner was also attended by members of the Board of Directors of ARTIC and a number of representatives of Marriott International.
Chairman of ARTIC Sheikh Faisal bin Qassim Al Thani commented:“It gives me great pleasure to witness the signing of this agreement which will bring added value and enhance our long-term partnership with Marriott International. We always strive to diversify our investment portfolio, especially in global residential real estate which has seen increased demand recently. This enables us to work with the largest operating brands around the world, such as Marriott. The number of units owned by ARTIC and managed by Marriott International is 5,500 units, and we look forward to increasing this number to 7,500 soon, God willing. There are also additional projects in the pipeline that will be announced in the near future”.
ARTIC hotel properties in Qatar which are operated by Marriott International include JW Marriott Marquis City Center Doha, Marriott Marquis City Center Doha, Le Meridien Doha Hotel, Delta Hotels Marriott City Center, Marriott Executive Apartments City Center Doha, Element City Center Doha Hotel, Element West Bay Hotel, and Al Samriya Autograph Collection Hotel.
CEO and Managing Director of ARTIC Tarek El Sayed added:“The signing of this agreement with our distinguished partner, Marriott International, adds significant value to our investment portfolio. I would like to invite everyone to visit the development to explore and enjoy what this unique experience offers. The development contains 1,200 residential units divided into five complexes, each with its own facilities, including swimming pools, restaurants and gyms, in addition to a state-of-the-art club house. The branded residential developments combine elegant interior design, luxurious finishes, the highest standards of hospitality, luxury and comfort, with all the convenience and service of a hotel. A number of similar projects in different cities will be announced soon, to meet the growing demands of the global real estate market”.
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