Riyad Isa Development Corporation, the global investment company and a member of Riyad Isa Group, has signed a funding agreement with Suzhou Zuoyou Real Estate to finance the takeover, completion and management of 169 luxury serviced residences, in addition to the 207-room luxury Guangzhou Hotel, which is already nearing completion.
The agreement between Suzhou Zuoyou Real Estate Limited and Riyad Isa Development Corporation was signed at a ceremony held at Shangri-la's Beijing hotel and attended by Mr. Dia Su, Chairman of Suzhou Zuoyou Real Estate, and His Excellency Mr. Asef Isa Shalish, Vice Chairman of Riyad Isa Development Corporation.
Set in a prime location on the intersection of Hua Cheng Avenue and in the centre of New Pearl City Tian He District, East Guangzhou, the apartment and hotel complex is located in a rapidly growing commercial centre and upscale hotel district. The area has excellent transport links enabling guests to reach the Guangzhou Baiyun International Airport and Pearl River Delta within 30 minutes.
The previously announced 207-room five-star luxury Guangzhou Hotel is scheduled to open in 2015 and will comprise ten food and beverage outlets, a Sky lobby on the 49th floor and banquet and conference centre. Guests will have access to the Talise Spa, swimming pool, a fitness centre, yoga studio and juice bar. Guests can also indulge in high-end shopping with direct access to luxury boutiques. The 169 serviced residences will be located in a separate low-rise West Tower and are scheduled to open in 2015.
Mr. Dia Su, Chairman of Suzhou Zuoyou Real Estate, said: "We are honoured to announce the Riyad Isa Development Corporation will fund our takeover bid for the serviced apartments in addition to the Guangzhou Hotel in the heart of the new central business district. RIDC's funding in Guangzhou will help satisfy the demand for luxury accommodation in Guangzhou's developing upscale hotel district." Asef Isa Shalish, Vice Chairman of Riyad Isa Development Corporation, said: "We are delighted to have entered a funding partnership in China as the funders for the takeover of the luxury residences in addition to the hotel. We look forward to bringing our funding experience and promise to Guangzhou and moving RIDC's financial packages in a second key destination in China, one of the world's fastest growing markets."
Riyad Isa Development Corporation has funded over 22 takeover bids for luxury hotels, resorts and residences, including 11 in the Gulf region, six in Europe and five in Asia.