(Bloomberg) -- Saudi Arabia’s giga project known as Neom is partnering with Equinox Hotels to open a luxury resort on the coast of the Gulf of Aqaba, located on the northern tip of the Red Sea.
Equinox Resort Treyam will be an architectural spectacle in Neom’s Magna region, set on a bridge-like structure that spans for about a quarter of a mile and hangs above a desert lagoon, according to a statement. It’ll include a club house, spa and Equinox fitness center, among other things.
The partnership is one of few to be publicly announced for Magna and one of a handful that have been agreed more broadly across Neom, a sprawling development on a Mars-like stretch of sand and dunes off the coast of northwest Saudi Arabia.
Raffles Hotel & Resorts signed on earlier this year to build a resort in Neom slated to open in 2027. Marriott International Inc. plans to open a Ritz-Carlton Reserve there and General Hotel Management Ltd. says it intends to open The Chedi Trojena in 2026.
Saudi Arabia’s de facto leader, Crown Prince Mohammed bin Salman, aims to turn Neom into a tourism and luxury destination as part of his Vision 2030 agenda to diversify his economy away from oil revenue. Neom is seeking foreign investors and partners for the $1.5 trillion development, which may eventually feature the world’s first floating marina, a mountain ski resort and linear city set in a pair of mirrored towers running for more than 100 miles.
But the vision is still being crystallized and Neom is facing its first-ever significant budget cuts.
Equinox Hotels, too, has been on shaky ground. Its first resort opened with great fanfare in 2019 in Manhattan’s Hudson Yards megaplex; according to CEO Chris Norton it was meant to be the first in a rapid succession of urban openings across the US, with 30 planned openings within the decade. Halfway through that timeline, it remains the lone Equinox hotel, with little movement on locations from Los Angeles to Chicago.
Now, brand representatives say, there are 15 developments in the pipeline; Norton said via e-mail the push will be to “spectacular destinations worldwide ... with unparalleled natural beauty.” In Saudi Arabia, Equinox Hotels plans two new locations: one in Neom and another at the AMAALA project. It didn’t disclose financial terms for the Neom site or give a timeline for a potential opening.
“These active hubs for groundbreaking advancements, provide the perfect backdrop for our vision,” said Norton of the Saudi projects. “We are excited to contribute to and witness the evolution of these regions as they set new standards in hospitality and beyond.”
(Updates with quote from Equinox CEO in final paragraphs)
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