Saudi-based Ladun Investment Company has signed a partnership agreement with award-winning hospitality group, Cheval Collection featuring numerous contracts for the construction and operation of Cheval Ladun Living – a tower featuring luxury hotel apartments situated on King Fahd Road in Riyadh.
The construction of the SAR300 million ($80 million) tower is set to commence this year, with likely completion in 2027, said senior officials at the signing ceremony held at the Future Hospitality Summit in Riyadh.
The partnership marks the first project of Cheval Collection in Saudi Arabia, and will feature 130 residential units of various sizes, from one- to three rooms, along with amenities including a gym, swimming pool, and sauna.
Several contracts were also signed with key service providers and partners, including the primary contractor, Built Industrial Company (a Ladun Investment subsidiary); Al Rajhi Bank for project financing, Khatib and Alami Company for design and implementation supervision; Abdulelah Al Mohanna Company for architectural design consultation; DZ Company for interior design consultation.
On the contract award, CEO Dr Hassan bin Shawqi Alhazmi said: “Cheval Ladun Living marks a significant milestone for us in real estate development. It signals Ladun Investment’s position in this sector, with a commitment to delivering high-quality projects aligned with Saudi Vision 2030.”
“By partnering with key strategic allies, we aim to redefine Riyadh’s real estate landscape, offering a unique experience through this tower,” he noted.
Cheval Collection COO John Philipson said: “We are thrilled to collaborate with Ladun for this venture, giving us an opportunity to contribute to Saudi Arabia’s dynamic hospitality industry. The growing demand for furnished apartments presents an opportunity to strengthen the Cheval Collection brand, leveraging our decades-long expertise in luxury-serviced apartments.”
Cheval Collection, a major luxury hospitality company specializing in managing and operating exquisite serviced apartments, features nine luxurious properties in London, three in Edinburgh and one in Dubai, with two exciting additions on the horizon: Cheval Maison – Expo City Dubai, scheduled for its grand opening in 2025, and Cheval Maison – West Regent in Glasgow in 2026.
