Latest news with #HorizonGroup
Zawya
3 days ago
- Business
- Zawya
Hotel101 signs joint venture partnership agreement with Horizon Group to develop 10,000 keys in Saudi Arabia
Saudi Arabia – Hotel101 Global (Hotel101) is pleased to announce the signing of a Joint Venture Partnership Agreement with Horizon Group (Horizon) as the main partner for Hotel101's expansion into the Kingdom of Saudi Arabia with a vision to introduce the fast-growing Hotel101 Brand and develop up to ten thousand (10,000) rooms which is expected to translate to about US$2.5 Billion (Php137.5 Billion) in project value. An initial five (5) locations for Hotel101 Projects have been identified, the first of which is intended to be located in Medina, followed by Riyadh, Jeddah, Abha and Alula. Hotel101's global "one room" hotel chain is poised to disrupt the tourism industry by oWering identical, standardized hotel rooms globally. In standardization, Hotel101 sees a global opportunity in the hospitality space that brings unbeatable eWiciency, especially for the value segment so customers know exactly what to expect wherever they may be in the world. Hotel101's asset-light 'condotel' business model is designed to scale eWiciently while maximizing value for both unit owners and guests. The partnership unites Hotel 101's high-eWiciency HappyRoom concept and condo-hotel funding model with Horizon's deeply rooted market expertise and expert connections in the region. ' We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel101 rooms worldwide,' said Hotel101 Global Founder Edgar 'Injap' Sia II. ' We feel very fortunate to have found the right local partners to rapidly expand the Hotel101 brand in the Kingdom of Saudi Arabia, which is one of the 25 countries we have identified for the initial expansion of Hotel101. We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally, ' said Hotel101 CEO Hannah Yulo-Luccini. ' With Hotel 101's rapid-build model and Horizon's local know-how, we will add 10,000 quality, aLordable rooms across the Kingdom—supporting Vision 2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike.' said Horizon Group CEO Abdulrahman Sharbatly. Hotel101 recognizes the strategic opportunities presented by the Saudi market and its Vision 2030 plan. Hotel101 is committed to rolling out a standardized and predictable Hotel oWering on average 500 rooms per site which can cater to the evolving and growing demands of the Saudi market. In 2023, Saudi Arabia welcomed 27 million international tourists and 79 million domestic tourists breaching the 100 million visitor mark. A total spend of USD 67 billion showcased the robust tourism sector of Saudi Arabia. This is in line with the target of reaching over 150m tourists by 2030. This provides substantial opportunities in support services and infrastructure in areas such as Hotels, Shopping, F&B and transportation. About Horizon Group Horizon Group is a Saudi-headquartered investment company led by the brothers Khaled and Abdulrahman Sharbatly, and Wael Daqal, with a focus on partnering and investing in Vision 2030 industries with international market leaders. Horizon has many partnerships and aWiliations such as Alnahla Group and SAMACO, and is a market leader in its industry with a preference and focused on Hospitality and Manufacturing.
GMA Network
6 days ago
- Business
- GMA Network
Hotel101 Global to develop 10,000 rooms in Saudi Arabia
Hotel101 Global Pte. Ltd., the Singapore-headquartered subsidiary of DoubleDragon Corp., has partnered with the Horizon Group to develop up to 10,000 rooms in the Kingdom of Saudi Arabia, expected to translate to a $2.5-billion or P137.5-billion project value. Under the partnership, the two parties have identified an initial five locations, with the first being in Medina, followed by Riyadh, Jeddah, Abha, and Alula, with an average of 500 rooms per site. This comes as Hotel101 adopted a global "one room" hotel chain, offering identical, standardized hotel rooms. It also has an asset-light "condotel" business model, designed to scale efficiently while maximizing value for unit owners and guests. "We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally," Hotel101 chief executive officer Hannah Yulo-Luccini said in an emailed statement. "With Hotel101's rapid-build model and Horizon's local know-how, we will add 10,000 quality, affordable rooms across the Kingdom—supporting Vision 2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike," Horizon Group chief executive officer Abdulrahman Sharbatly said. Saudi Arabia targets to reach 150 million tourists by 2030, after welcoming 27 million international tourists and 79 million domestic tourists in 2030, reaching a 100-million visitor mark. "We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel 101 rooms worldwide," Hotel101 Global founder Edgar "Injap" Sia II said. Hotel101 officially filed its F-4 Registration Statement with the US Securities and Exchange Commission on February 1 (Philippine time), taking a key step toward its $2.3-billion Nasdaq listing. The firm entered a definitive merger agreement with JVSPAC Acquisition Corp. in April 2024, positioning DoubleDragon to become the first Filipino company with a subsidiary listed on Nasdaq. Hotel101's first three overseas projects are located in Niseko Hokkaido, Japan; Madrid, Spain; and Los Angeles, California, in the United States, which are set to jumpstart its expansion to other areas as it targets to accumulate a portfolio of 1 million rooms in 101 countries before 2050. It also seeks to expand in areas such as the United Kingdom (UK), the United Arab Emirates (UAE), India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China. — VDV, GMA Integrated News
Zawya
6 days ago
- Business
- Zawya
Hotel101 signs joint partnership agreement with Horizon Group to develop 10,000 keys in the Kingdom of Saudi Arabia
Saudi Arabia: Hotel101 Global (Hotel101) is pleased to announce the signing of a Joint Partnership Agreement with Horizon Group (Horizon) as the main partner for Hotel101's expansion into the Kingdom of Saudi Arabia with a vision to introduce the fast-growing Hotel101 Brand and develop up to ten thousand (10,000) rooms which is expected to translate to about US$2.5 Billion (Php137.5 Billion) in project value . An initial five (5) locations for Hotel101 Projects have been identified, the first of which is intended to be located in Medina, followed by Riyadh, Jeddah, Abha and Alula. Hotel101's global "one room" hotel chain is poised to disrupt the tourism industry by oVering identical, standardized hotel rooms globally. In standardization, Hotel101 sees a global opportunity in the hospitality space that brings unbeatable eViciency, especially for the value segment so customers know exactly what to expect wherever they may be in the world. Hotel101's asset-light 'condotel' business model is designed to scale eViciently while maximizing value for both unit owners and guests. The partnership unites Hotel 101's high-eViciency HappyRoom concept and condo-hotel funding model with Horizon's deeply rooted market expertise and expert connections in the region. 'We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel101 rooms worldwide,' said Hotel101 Global Founder Edgar 'Injap' Sia II. 'We feel very fortunate to have found the right local partners to rapidly expand the Hotel101 brand in the Kingdom of Saudi Arabia, which is one of the 25 countries we have identified for the initial expansion of Hotel101. We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally,' said Hotel101 CEO Hannah Yulo-Luccini. 'With Hotel 101's rapid-build model and Horizon's local know-how, we will add 10,000 quality, aLordable rooms across the Kingdom—supporting Vision 2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike.' said Horizon Group CEO Abdulrahman Sharbatly. Hotel101 recognizes the strategic opportunities presented by the Saudi market and its Vision 2030 plan. Hotel101 is committed to rolling out a standardized and predictable Hotel oVering on average 500 rooms per site which can cater to the evolving and growing demands of the Saudi market. In 2023 Saudi Arabia welcomed 27 million international tourists and 79 million domestic tourists breaching the 100 million visitor mark. A total spend of USD 67 billion showcased the robust tourism sector of Saudi Arabia. This is in line with the target of reaching over 150m tourists by 2030. This provides substantial opportunities in support services and infrastructure in areas such as Hotels, Shopping, F&B and transportation. About Horizon Group Horizon Group is a Saudi-headquartered investment company led by the brothers Khaled and Abdulrahman Sharbatly, and Wael Daqal, with a focus on partnering and investing in Vision 2030 industries with international market leaders. Horizon has many partnerships and aViliations such as Alnahla Group and SAMACO and is a market leader in its industry with a preference and focused on Hospitality and Manufacturing. The agreement was signed by Hotel101 Global CEO Hannah Yulo-Luccini and Horizon Group CEO Abdulrahman Sharbatly in Medina, Saudi Arabia and witnessed by: Edgar 'Injap' Sia II —DoubleDragon Corporation Chairman & Hotel101 Founder, Khaled Sharbatly Chairman, Horizon Group, Wael Daqal Board Member, Horizon Group, Hisham Al Ansari – Board Member, Horizon Group, Rodolfo 'Pong' Ponferrada DoubleDragon President & Hotel101 Global Executive Chairman and Matthew Morio Hotel 101 Global Director for Strategic Partnerships MEA. On the same day of the signing, the partners also met with the Mayor of Medina, Saudi Arabia and CEO of the Medina Region Development Authority, Eng. Fahad Albuliheshi to discuss the Group's expansion plans in Medina, Saudi Arabia.
National Post
07-05-2025
- Business
- National Post
GHK Capital-Backed Horizon Group to Appoint Jeff McCorstin as President & CEO
Article content JAMAICA, N.Y. — Horizon Group ('Horizon' or the 'Company'), a leading global provider of specialized international freight forwarding focused on time-critical marine spare parts logistics, has announced that Jeff McCorstin, a proven leader in global logistics, has been appointed as Horizon's new CEO, effective March 31, 2025. Steve Leondis will retire as CEO after more than four decades at the Company and will transition to an advisory role through the end of the year. Horizon is a portfolio company of GHK Capital Partners LP ('GHK'), a leading middle-market private equity firm based in Greenwich, CT. Article content Article content McCorstin brings decades of experience in global logistics with an extensive background in freight forwarding, most recently serving as the President of Global Freight Forwarding at United Parcel Service, Inc. ('UPS') leading global operations and strategy. Prior to that role, McCorstin led other large divisions and regions within UPS, including as President of Global Customs Brokerage and regional President of Freight Forwarding for Asia Pacific and EMEA. Article content 'Horizon has an exceptional reputation for best-in-class service and execution thanks to the strong leadership from Steve over the past several decades and I am humbled to be leading the Company through its next phase of growth,' said McCorstin. 'As a leader in the marine spare parts logistics space, Horizon has the people and processes in place to accelerate growth on a global scale in order to better serve the needs of our customers and I look forward to working with all of our stakeholders moving forward.' Article content 'It has been my privilege to lead this world-class organization,' said Leondis. 'Through dedication to our people and our customers, we have built an industry leader in marine spare parts logistics during my tenure. Jeff brings a wealth of knowledge and experience that will serve this organization well during this next stage of accelerated growth.' Article content Gil Klemann, Managing Partner of GHK and Chair of Horizon's Board of Directors, added, 'Jeff has demonstrated his unique abilities as an effective leader through his long-standing career at UPS where he held a variety of roles in global logistics. We are excited to partner with Jeff to build upon the Company's strong foundation and market position to establish Horizon as the leading global provider of time-critical marine spare parts logistics.' Article content About Horizon Group Article content Founded in 1970, Horizon Group, through its subsidiaries Horizon Air Freight and Swift Marine, is a leading global provider of specialized international freight forwarding focused on time-critical marine spare parts logistics. Operating out of over 30 locations across the Americas, Europe, and Asia, Horizon offers services spanning multimodal logistics for marine spares, supplies, and equipment and port agency solutions. Over its more than five-decade history, Horizon has established a strong reputation for delivering best-in-class customer service, creating a brand name known for consistent quality. To learn more about Horizon please visit Article content Article content Article content Article content Article content
