Saudi fund invests in luxury sustainable hotel chain

SAUDI Arabia’s Public Investment Fund and A&K Travel Group have invested US$50 million in Habitas, the luxury hotel company.

Habitas, which currently operates seven sustainability-focused lodgings in locations from Mexico to Morocco to Namibia, will use the funds to support its global expansion, according to a statement. The firm is opening four more properties by the end of 2022 with another 10 planned to open by the end of next year.

Its beachside property in Tulum, Mexico features rooms with sustainable features such as natural palapa roofs and canvas walls.

No valuation was disclosed, although the firm said the current fundraising was in return for a minority stake. Habitas has now raised more than US$85 million.

Earlier investors in the company include Travis Kalanick, Barry Sternlicht and Mike Novogratz. BLOOMBERG