Stirling Hospitality Advisors, one of the leading boutique advisory firms in the region, recently concluded a mandate to assist an established Saudi-based property developer in selecting The First Group (TFG) as the operator for a soon-to-open 107-key beach development – Silver Sands Beach in Jeddah, Saudi Arabia.
As lead advisors on the project, Stirling Hospitality Advisors successfully completed the operator search and selection based on key criteria provided by the developers. 27 potential operators were closely evaluated based on their knowledge of the Saudi Arabia market, experience in property and community management, current operating standards, service level, and ability to provide technical management.
Tatiana Veller, Managing Director of Stirling Hospitality Advisors said: “We are excited for this collaboration and the upcoming opening of the luxury beachfront residential community in Jeddah. Scheduled for Q1 2024, the project will offer deluxe seafront serviced townhouses, bungalows and apartments, as well as a range of amenities including a private beach, restaurants, fitness and spa facilities. The Kingdom’s hospitality industry is rapidly expanding, and we are proud to play a role as it transforms into a premium destination for the region.”
David Thompson, Senior Vice President of Business & Brand Development of The First Group said: “We are delighted to have been selected to operate the new beachfront residential community, marking TFG’s debut operation in Jeddah, Saudi Arabia. Stirling Hospitality Advisors has been an invaluable partner throughout the selection process. Their keen insights into market dynamics and strategic recommendations were instrumental in us securing the operator role.”
As the operator, TFG will oversee the daily operations of the residential community. The development includes a mix of long-term (annual) rental units and short-term (daily) rentals for weekend getaways, staycations, holidays, and more. Ideally located in close proximity to a natural large lagoon with favorable wind and sun conditions, the development is ideal for water sports and a popular destination for families.
Throughout the process, Stirling Hospitality Advisors was lauded by the Saudi-based property developer for aligning on the vision of attracting a high-quality operator to their exclusive project. The developer commented that TFG’s expertise in hospitality, especially in food and beverage services, is expected to bring a unique and luxurious living experience to the residents.
Currently, Stirling Hospitality Advisors asset manages over 3,500 hotel rooms in three countries and is responsible for a hotel and resort portfolio valued at over USD 1.25 billion. The advisory firm has offices in Ras Al Khaimah, United Arab Emirates and mandates across the Middle East, and provides bespoke asset management and advisory services throughout the region.
