Saudi Arabia: US-based investment firm Patel Family Office has entered into a joint venture with Abdelmalik Tariq Al-Qahtani Company (ATQ) Hospitality Group to introduce and operate the AYARA platform in Saudi Arabia, targeting 50 hotels.
AYARA will combine land acquisition, modular construction, in-house furniture and fixtures manufacturing, and hospitality management.
Patel Family Office will lead the hospitality strategy for the portfolio and manage the hotel network, while AHQ – the parent company of ATQ – will support development.
The portfolio will be created in partnership with international hotel brands, targeting corporate travellers, project teams, consultants and regional headquarters across Saudi Arabia.
By 2029, AYARA is expected to deliver between 5,000 and 7,000 rooms across Riyadh, Jeddah, Dammam, and development zones such as NEOM and the Red Sea region.
Lakshmi Narayanan, vice chairman and managing partner of Patel Family Office, said: “As Saudi Arabia opens its doors to the world, its tourism and infrastructure expansion is attracting increasing global attention. The Kingdom’s transformation is creating a new category of demand for reliable, practical and standardised business hospitality. Platforms like AYARA – combining global expertise with local execution – will play a critical role in meeting that demand. AYARA is positioned to become a foundational hospitality infrastructure platform supporting Saudi Arabia’s next phase of economic growth.”
H.E. Abdulmalik Tariq Al-Qahtani, CEO of AHQ and chairman of ATQ Hospitality Group, said: “It requires new partnerships and new approaches to deliver economic transformation at the unprecedented scale we are seeing in Saudi Arabia. By integrating construction, procurement and hotel operations in the AYARA platform, we are establishing a new standard for development speed and efficiency. With the support and expertise of our American colleagues at Patel Family Office, the ATQ Hospitality Group is ideally equipped to capitalise on this extraordinary growth opportunity.”
Highlights:
- Patel Family Office and ATQ Hospitality Group formed a $1 billion joint venture to launch AYARA, targeting development and operation of 50 hotels across Saudi Arabia.
- The AYARA platform will integrate land acquisition, modular construction, in-house furniture manufacturing, and hospitality management to accelerate hotel and serviced apartment development timelines across multiple Saudi cities.
- By 2029, AYARA aims to deliver 5,000 to 7,000 hotel rooms across Riyadh, Jeddah, Dammam, and major development zones including NEOM and the Red Sea region.
- Patel Family Office will lead hospitality strategy and operations, while AHQ, parent of ATQ, supports development.
- The hotel network will comprise international brands to target corporate and project-driven accommodation demand.
