The Kingdom's hospitality industry is about to receive an energizing shot in the arm as Jeddah-based SISBAN Holding opens the doors to its first-ever boutique hotel, named ‘'V' Hotel', a Saudi conceived, developed and invested hospitality property. Located in Sari Street, on one of Jeddah's main commercial spots, the 'V' Hotel sits only 15 minutes from King Abdulaziz International Airport, and 10 minutes from Jeddah's central district as well as the city's newly refurbished north Corniche, a major relaxation and tourism zone. The V brand has been developed exclusively by SISBAN and aims to both create and satisfy a hospitality niche that has blossomed in many of the world's major cities. 'V' Hotel aims to provide the same spacious rooms and extreme comfort of much larger luxury properties but with a far more intimate and personalized experience that offers unparalleled privacy and specialized services. The hotel's name, 'V', is the French word "Vie" which means "life", and the hotel is a sublime representation of the mix of tradition and modernity that increasingly characterizes the growing port city of Jeddah. 'V' Hotel's architecturally progressive profile and use of modern building materials dovetail perfectly with regional traditions of hospitality and service. "With the inauguration of 'V' Hotel, SISBAN is developing the boutique hotels in Saudi Arabia," SISBAN‘s CEO Dr. Abdulrahman Al Mufarreh said. "This is a relatively new concept in the Kingdom that we think will hold wide appeal to travelers. 'V' Hotel promises to provide guests with a wonderful stay in specialized suites at prices geared to business and pleasure travelers who demand the highest standards in hospitality." "The opening of 'V' Hotel also fits into the Supreme Tourism Commission's strategic plans to add 35,000 new hotel rooms to the Kingdom's hospitality sector before the end of 2020, both energizing the hospitality sector while providing thousands of job opportunities for Saudi youth." A specialized report issued recently about the hospitality industry in the GCC countries expects the sector to achieve an annual growth rate of 9.5%, bringing the size of the industry to $35.9 billion by 2018, compared with $22.8 billion 2013. The occupancy rate is expected to reach between 68-74% between 2013 and 2018. The report considers that Saudi Arabia will remain the region's largest market in terms of revenue, especially in light of the continued government spending, particularly on the infrastructure for development projects and diversifying the economy.
