MACALLAN 1926 · September 11, 2026

Alvarez & Marsal Adds Middle East Real Estate Partner as Gulf Hospitality Deals Accelerate

Senior hire signals bet on Saudi and UAE project restructuring as mega-developments enter execution phase.

Alvarez & Marsal hired a senior real estate partner for its Middle East practice, targeting the $1.4 trillion pipeline of Saudi Vision 2030 hospitality and mixed-use projects now moving from announcement to construction. The consulting firm did not disclose compensation or the specific partner's prior firm, but the appointment follows 23% year-over-year growth in Gulf real estate advisory mandates through Q3 2024.

The hire strengthens A&M's restructuring and performance-improvement capability as regional developers face widening gaps between projected IRRs and actual financing costs. UAE hospitality project debt rose to an average 7.2% cost of capital in late 2024, up from 4.8% in 2022, while Saudi giga-project timelines stretched an average 18 months beyond initial schedules. The partner will focus on asset-level workouts, operator covenant negotiations, and capital-structure redesigns for stalled luxury hotel and branded-residence components.

A&M's move reflects a structural shift in Middle East consulting demand. First-wave advisory work centered on feasibility studies and master planning; the current wave requires forensic cash-flow analysis and lender mediation. The firm's real estate and hospitality book in the region grew from $47 million in fee revenue in 2022 to an estimated $78 million in 2024, according to industry tracking. Competitors including AlixPartners and FTI Consulting added similar capabilities in Riyadh and Dubai over the past 14 months.

Family offices and sovereign funds allocated $89 billion to Gulf real estate and hospitality development between 2021 and 2023, but exits remain sparse. Publicly announced asset sales in the sector totaled just $4.2 billion in 2024, creating a liquidity mismatch that favors restructuring advisors over transaction bankers. A&M's restructuring heritage positions it for the next phase: covenant amendments, partial asset sales, and operator replacements as projects miss occupancy and ADR targets.

Operators and allocators should watch for additional senior hires in A&M's Dubai and Riyadh offices through mid-2025, particularly in hospitality operations and branded-residence advisory. Regional lenders are expected to formalize $12 billion to $18 billion in real estate loan modifications by year-end 2025, most involving luxury hospitality assets in Saudi Arabia's Red Sea and Diriyah projects. Family offices with exposure to Gulf mixed-use developments will face heightened scrutiny on cost overruns and timeline extensions during Q1 2025 refinancing discussions.

The firm's competitor FTI Consulting opened a Riyadh restructuring desk in November 2024 with three partners, suggesting sustained demand for turnaround work in the $320 billion Saudi hospitality development pipeline.

The takeaway

A&M's Middle East real estate hire targets the **$1.4 trillion** Vision 2030 pipeline as rising debt costs and timeline delays shift demand from planning to restructuring.

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