Riyad Capital announced the soft opening of Ascott Corniche Alkhobar that is developed and owned by Riyad REIT. The hotel comprises luxury serviced apartments, a fitness center, meeting facilities and other amenities. The hotel will house Al Mandloun restaurant which will be managed by the hotel via a franchise agreement. Al Mandaloun outlet will benefit from its visibility on one of the key roads of Khobar – Prince Turki Street and will enjoy spectacular views of the city and the sea side. The restaurant is expected to open its doors to the public in H2, 2020. The strategic partnership with Ascott – one of the leading operators for luxury serviced apartments supports the REIT’s objective to achieve periodic returns to unit holders. It is envisioned that the hotel will capitalize on its strategic location which is adjacent to several touristic hubs, corporate headquarters and Dr. Suleiman Al Habib Hospital. It is expected that the move towards full hotel opening will have a positive financial impact on the Fund.