- Marriott International Inc MAR has signed an agreement with The Red Sea Development Company to debut its Ritz-Carlton Reserve brand off the west coast of Saudi Arabia.
- Slated to debut in 2023, Nujuma, a Ritz-Carlton Reserve, will be the first property from the brand in the Middle East.
- Nujuma will be situated on private islands part of the red sea's Blue Hole cluster of islands.
- The destination is also expected to include 18 Ritz-Carlton Reserve branded residences.
- Price Action: MAR shares are trading higher by 0.72% at $156.34 on the last check Monday.
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