The company said it want to tap into Saudi Arabia's ambitious tourism plans - the kingdom announced last month it would transform a 200-kilometre stretch of coastline on the Red Sea into a new tourism destination to attract millions of visitors each year.

Ascott aims to support this vision by having 20 properties, both operating and pipeline, in Saudi Arabia by 2020. It intends to focus on primary cities such as Riyadh, Jeddah and Damman, with plans to expand into secondary cities within the next five years.

It currently operates five properties in Saudi Arabia, accounting for 608 keys.

Vincent Miccolis, area general manager for the Middle East and Turkey, said: "Saudi Arabia's goals fit perfectly with our own vision for expansion. We are ahead of the curve as we already have an established presence of five serviced residences, with another seven in the pipeline. With the recent news that a long section of the Red Sea coastline is going to be developed, there will be even more opportunities for hospitality providers, like The Ascott Limited, to grow in KSA."