Saudi-based Le Park Concord has officially opened a branch in Syria, marking a significant expansion into the country’s recovering hospitality sector and signaling renewed regional investment interest. The move, approved by the Syrian Ministry of Economy and Industry, authorizes the company to begin operations immediately and sets the stage for a series of major tourism and investment projects.
Three Major Hotels and $60 Million Rehabilitation Plan
Le Park Concord will manage and operate three prominent hotels across Syria. The portfolio includes the Seven Gates Hotel, formerly known as the Sheraton Damascus Hotel, which will serve as the company’s flagship property. The company will also oversee the Lamira Resort in Latakia and the Shahba Aleppo Hotel in Aleppo, contributing to efforts aimed at revitalizing hospitality infrastructure in key tourism and commercial hubs.
The expansion follows a preliminary agreement signed last September with the Ministry of Tourism to rehabilitate and invest in the former Sheraton Damascus property at an estimated cost exceeding $60 million. The project will modernize the 280-room hotel and significantly expand its facilities, including the construction of six villas, 42 one-bedroom hotel apartments and 21 two-bedroom apartments.
The development aims to attract both business travelers and long-stay guests, positioning the property as a mixed-use hospitality destination. The rehabilitation is expected to generate hundreds of jobs during both the construction and operational phases and represents one of the largest foreign investments in Syria’s tourism sector in recent years.
Diversified Investment Strategy
Beyond hospitality, the company plans to expand into agricultural and industrial project management. Observers suggest that agricultural investments may align with food security initiatives, while industrial ventures could pave the way for broader infrastructure partnerships.
Fayez Talaa Al-Anazi, CEO of Le Park Concord, stated that Saudi companies’ involvement in Syria’s tourism sector comes under the direction of Muhammad bin Salman. Analysts view the company’s entry as a potential catalyst for increased Gulf Cooperation Council participation in Syria’s reconstruction, particularly in tourism, real estate and service industries, reflecting strengthening economic ties between Riyadh and Damascus.
