Capitas Group International and IFA Hotel Investments, the largest investor in the Yotel brand, are forming a joint venture to develop Yotel-branded properties in Saudi Arabia.
Under the agreement Capitas Group International, Jeddah, Saudi Arabia, will be the exclusive partner of IFA Hotel Investments, Kuwait City, to develop Yotels in Saudi Arabia, which IFA will asset manage and Yotel will operate.
Neither any proposed locations nor the total number of hotels expected to be developed were announced.