AHQ CEO and ATQ Hospitality Group chairman Abdulmalik Tariq Al-Qahtani, Patel Family Office vice-chairman and managing partner Lakshmi Narayanan, ATQ vice-chairman Matt Jordan. Credit: Patel Family Office / Business Wire.

Patel Family Office and Abdel Hadi Abdullah Al-Qahtani & Sons (AHQ) have signed a $1bn agreement for establishing AYARA, a hospitality platform focused on developing 50 business hotels in Saudi Arabia by 2029.

The agreement was signed at the FII PRIORITY Summit in Miami, a global leadership event.

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Ayara aims to address Saudi Arabia’s growing need for reliable, standardised mid-market business accommodation amid ongoing Vision 2030 economic diversification efforts.

Patel Family Office will collaborate with AHQ affiliate Abdelmalik Tariq Al-Qahtani Company (ATQ) Hospitality Group to launch and operate the platform.

Saudi Arabia’s current hotel supply is focused on luxury and mega-project segments, while demand surges for dependable, branded mid-tier options driven by corporate mobility, infrastructure expansion, and headquarters relocations.

Ayara’s model intends to fill this gap by offering scalable mid-market business hotels across key economic corridors such as Jeddah, Dammam, Riyadh, and the Red Sea region.

It will serve project teams, corporate travellers, consultants, and regional headquarters in Saudi Arabia.

Its vertically integrated approach will combine strategic land acquisition, modular construction techniques, internal furniture manufacturing, and consolidated hospitality management.

This model is designed to accelerate delivery speed and achieve cost efficiencies. By 2029, Ayara is expected to deliver between 5,000 and 7,000 rooms.

Patel Family Office will oversee hospitality strategy and portfolio management; AHQ will support development efforts; and ATQ Hospitality Group will engage international brands for the 50-hotel network operations and partner with delivery businesses for project execution.

AHQ CEO and ATQ Hospitality Group chairman Abdulmalik Tariq Al-Qahtani said: “It requires new partnerships and new approaches to deliver economic transformation at the unprecedented scale we are seeing in Saudi Arabia.

“By integrating construction, procurement and hotel operations in the Ayara platform, we are establishing a new standard for development speed and efficiency.

“With the support and expertise of our American colleagues at Patel Family Office, the ATQ Hospitality Group is ideally equipped to capitalise on this extraordinary growth opportunity.”