NEOM Names First Partner Hotel Brands with Ennismore

Hotel Development, the NEOM division responsible for building a future-centric hospitality ecosystem in the northwest corner of Saudi Arabia, has signed its inaugural hotel partner, Ennismore.

With a blank canvas and no legacy infrastructure, Hotel Development will capitalize on the region’s potential to establish a new era for the industry – one of imagination and a sense of duty to guide and inform how humanity engages with our world. The division will also support NEOM’s bold ambitions to attract more than five million visitors by 2030.

The agreement signed with Ennismore, the world’s fastest-growing lifestyle hospitality company, corresponds with Hotel Development’s main goal of establishing global partnerships. The inaugural tie-up will see two of Ennismore’s iconic brands – 25hours Hotels and Morgans Originals – open properties in TROJENA, NEOM’s mountain tourism destination that features a ski village.

Chris Newman, Executive Director, Hotel Development at NEOM, said: “Hotel Development aims to accelerate human progress by redefining how we travel, stay, and live. Our partnership with Ennismore echoes our mission to pioneer in the space of experiential hospitality in a way that shapes the future of hotels in the Kingdom and beyond. With a shared passion for developing differentiated and imaginative hospitality concepts, we look forward to seeing this relationship – and others like it – flourish.”

Philip Gullett, Executive Director and Region Head, TROJENA, said: “The mountains of TROJENA are set to become one of the most awe-inspiring destinations the world over. Both 25hours Hotels and Morgans Originals are ideal brands for TROJENA as we look to deliver extraordinary experiences for residents and visitors seeking luxury, adventure, entertainment, livability, and escape from the status quo.”

Gaurav Bhushan, Co-CEO of Ennismore, said: “25hours Hotels and Morgans Originals are lifestyle brands rooted in creativity, bringing design-focused spaces and authentic culinary experiences, creating deep connections with our guests. As we grow globally, we are excited for our brands to open in TROJENA, a unique setting, which will attract both local and international visitors.”

The 25hours team, together with founder Christoph Hoffmann and Berlin’s Studio Aisslinger are working on a bespoke story and design concept for TROJENA. The narrative is inspired by the futuristic architecture of the building and will include nods to science-fiction movies as well as to the alpine heritage of the brand. The 25hours Hotel will have an in-house cinema, a farm-to-table restaurant, a bike workshop with co-working, as well as a rooftop restaurant with pool.

The Morgans Originals hotel will be designed to transport guests from the surreal and natural landscapes of TROJENA, into a world rooted in the iconic cultural legacy of the brand. The hotel will feature four world-class dining outlets and a 2,000-meter destination spa and bathhouse, in addition to an architecturally significant ski slope roof and rooftop pool bar overlooking the dramatic TROJENA mountains. The hotel will also feature an eight-story vertical core with microclimates and immersive art experiences that will showcase the individuality of the brand.

Early enabling construction works have already commenced in TROJENA, with the main construction work on the ski village due to begin at the end of 2022. In addition to hospitality, the village includes residential components centered around a public plaza, as well as high-end retail and dining experiences. The sides of the mountain extend onto the roof of the village, creating a stunning ski slope skyline that can be activated year-round through various adventure sports facilities.

Tasked with driving the establishment of a world-class tourism sector, Hotel Development aims to serve the diversification goals of Saudi Vision 2030. In addition to forming strategic partnerships, the division will work alongside tourism sector partners on nurturing ambitious talent and proud Saudi ambassadors who will form the bedrock of the industry. Championing a culture of diversity and expertise, the division aims to build an ambitious workforce empowered to ideate boldly and reimagine hospitality from the ground up.

Israel's airstrikes in Lebanon are inflicting destruction that could set its economy back by years.

But the defaulted country's bonds have climbed to two-year highs, gaining a whopping 44% since late September, as traders snap them up for pennies on the dollar.

Investors reckon the weakening of Hezbollah could precipitate a shake-up of Lebanon's fractured political system and potentially an economic plan to pull the country out of default, according to Reuters.

"The reason bonds have rallied is that the market thinks that the Lebanese political class might finally be able to agree a political path forward and an economic reform plan without Hezbollah in the picture," said Anthony Symond at abrdn.

"This would pave the way for the Eurobonds to eventually be restructured."

The jump still leaves Lebanon's dollar bond maturing in 2025 trading at a paltry 8.5 cents on the dollar - a fraction of the 70-cent level at which bonds are considered distressed.

Lebanon tumbled into default in the spring of 2020 after the country's financial system plunged into a deep economic crisis in 2019. With an effectively non-functioning government wracked by discord and corruption, few expect a debt deal anytime soon.

"Lebanese bonds started getting bids after the death of Nasrallah," said Kaan Nazli, a portfolio manager with Neuberger Berman, referring to Hezbollah leader Sayyed Hassan Nasrallah, whose death was announced on Sept. 28.

"Lebanon was in the 'it could not get worse' category," said Nazli, adding that the latest events could spark change.

Bruno Gennari, emerging markets strategist with KNG Securities, said rumors that Washington could use Hezbollah setbacks to push Lebanon to appoint its first president in two years had given hope.

"Is all about Hezbollah getting weaker," he said.

S&P Global Ratings said last week Israel's military action in Lebanon "put severe pressure" on Lebanon's already battered economy, and would "further delay economic and financial reforms, and the longer-term recovery of fiscal and external accounts."

S&P has a selective default rating on Lebanon's foreign currency debt.

Given their incredibly low prices, any glimmers of good news could boost Lebanon's bonds again, Nazli said

"If you see any headline on a presidential election, or even just a schedule for one - that could be a sign that things are moving forward," he said.

NEOM Names First Partner Hotel Brands with Ennismore