Mares joined the group as CEO in 2025. PIF-owned Boutique was formed in 2022 to preserve and convert historic Saudi palaces into high-luxury boutique hotels. Its portfolio includes The Red Palace, commissioned in old Riyadh by Saudi Arabia’s Founding King Saud Bin Abdulaziz Al Saud in 1943, Al Hamra Palace, built in Jeddah in 1971, and Tuwaiq Palace, opened in the Diplomatic Quarter in 1985. The Red Palace is set to open in 2026 as Boutique’s first venture, with progress on the remaining palaces underway.