Riyadh — The US-based Patel Family Office has entered a $1 billion joint venture with Saudi Arabia’s Abdel Hadi A. Al-Qahtani & Sons Group, through its hospitality arm ATQ, to develop 50 hotels across the Kingdom, according to official project announcements.
The partnership will establish a new hospitality platform branded “AYARA”, targeting the delivery of 5,000 to 7,000 rooms by 2029, with a focus on the mid-market and business travel segment, where demand continues to outpace supply.
Under the agreement, Patel Family Office will lead hospitality strategy and operations, while the Saudi partner will oversee local development and execution, including land acquisition and construction. The platform will adopt a vertically integrated model to accelerate project delivery and improve cost efficiency.
The deal was announced on the sidelines of the FII Priority Summit in March 2026, reflecting growing international investment flows into Saudi Arabia’s tourism sector.
The initiative aligns with the Kingdom’s Vision 2030 strategy to expand tourism capacity and diversify the economy, as Saudi Arabia continues to scale infrastructure to accommodate rising business and leisure travel demand.
