Millennium & Copthorne Hotels Middle East & Africa has unveiled plans to launch its Studio M brand in Riyadh in partnership with Saudi owner Waseel Properties and developer Raseel Properties.
The 145-key property is the first Studio M brand in the Middle East and will be centrally located in Riyadh on King Fahd Road and is due to open in quarter two of 2015.
"In Waseel, Millennium & Copthorne has found a like-minded partner that recognises the potential return of developing and operating a stylish and innovative budget brand such as Studio M," said Ali Hamad Lakhraim Alzaabi, president of Millennium & Copthorne Hotels MEA.
While the Studio M brand aims to address the growing and relatively untapped 'Generation Y' regional market segment, it will also appeal to consumers of all ages who are "young at heart" and appreciate hip and contemporary design.
"Studio M is a very distinctive brand that addresses an under-represented segment of the regional market.
"In Riyadh, budget hotels account for just ten per cent of existing supply and only 1,000 rooms in the pipeline, compared to 7,000 for the upscale to luxury segments.
"We see tremendous potential for a contemporary budget brand, given that this existing market segment is too often represented by independent properties of variable quality," added Alzaabi.
The modern day concept, designed by world-renowned Italian architect and interior designer Piero Lissoni, has been created to appeal to smart and trendy corporate and leisure travellers, offering stylish and tech-driven functionality.
Studio M Hotel, Riyadh by Millennium" features contemporary signature design, dedicated meeting facilities and an exciting new all-day dining concept called 'At the M'.
The centrally located development will also include a swimming pool, gym, pool deck as well as a number of retail outlets.
Millennium & Copthorne has also identified a number of other prime locations in Abu Dhabi, Al Khobar and Jeddah for the innovative budget brand and is already in negotiations for further sites in Doha and Dubai, both of which are at an advanced stage, completing the line-up for up to six properties signed and or launched by 2017.
"Considering the current investor interest, we estimate that the brand will develop beyond these initial sites to as many as 20 locations within the next five years and we are looking forward to attracting young, upwardly mobile, tech-savvy travellers to this brand proposition," added Alzaabi.
The introduction of the Studio M brand to the Middle East region will further underscore Millennium & Copthorne's market position as one of the fastest growing hospitality groups in the region.
Currently Millennium & Copthorne Hotels & Resorts operates 17 hotels, with approximately 5,000 rooms across the United Arab Emirates, Kuwait, Jordan, Qatar, Oman and Iraq, with an ambitious expansion plan.
About Millennium & Copthorne Hotels
Millennium Hotels and Resorts (MHR) is the global brand of Millennium & Copthorne Hotels Limited (M&C), a global hotel company which owns, manages and operates over 145 hotels across some 80 locations. It has several distinct hotel brands, including Grand Millennium, Millennium, M Social, Copthorne and Kingsgate, throughout Asia, Europe, the Middle East, New Zealand and the United States. Its properties are in key gateway cities such as London, New York, Los Angeles, Paris, Dubai, Beijing, Shanghai, Seoul, Tokyo, Singapore and Hong Kong. Occupying the best locations around the world, MHR has the perfect address for business and leisure travellers. M&C is the hotel arm of Singapore-listed global real estate company City Developments Limited and is a member of the Hong Leong Group.
Visit www.millenniumhotels.com for more information.