09/04/2019 | Press release | Distributed by Public on 09/04/2019 01:53
The latest signing is aligned with IHG's strategy to expand presence in KSA
IHG® (InterContinental Hotels Group), one of the world's leading hotel companies, has signed a Management Agreement with real estate company RIKAZ Properties to develop its fourth Holiday Inn hotel in Al Khobar. Having signed two Holiday Inn properties in Madinah and Jeddah earlier this year, this latest development is part of IHG's dedicated efforts to increase its midscale portfolio in the region and cater to a diverse guest profile visiting the country.
Expected to open in January 2021, Holiday Inn Al Khobar King Fahd Road will be located in close proximity to the King Fahd Causeway, making it the ideal choice for leisure guests during holiday seasons and corporate guests looking for ease of connectivity to and from Bahrain. The 140-key property will feature an outdoor pool, a lobby lounge, charming food & beverage outlets and a state-of-the-art gymnasium.
Pascal Gauvin, Managing Director, India, Middle East & Africa, IHG said: "We are delighted to sign an agreement with RIKAZ Properties for Holiday Inn Al Khobar King Fahd Road and strengthen our mainstream offering in the Kingdom of Saudi Arabia. We have a strong legacy in the Kingdom and are committed to leveraging the growth opportunities that Vision 2030 presents by expanding our presence across the country through our portfolio of global brands. With a number of recent signings in Saudi Arabia, across our brands such as Holiday Inn, voco and Crowne Plaza, we are growing our presence in key cities and gearing up to cater to the needs of diverse guest profiles expected to visit the country in the coming years."
Mr. Khalid Al Gahtani, Chairman, RIKAZ Properties added: "We are delighted to be partnering with IHG; a leading hospitality company for our new venture. Tourism is a focal point under the government's vision 2030, and there is expected to be an increase in tourist arrivals in KSA in the coming years. The Holiday Inn brand has an international appeal and we are confident that this latest hotel will be a success and cater to the increasing demand for quality midscale accommodation across the country.
He added "IHG has a strong legacy in Saudi Arabia, and we are glad to be to diversifying our portfolio with them and leveraging their experience, knowledge and understanding of the market to offer world-class amenities and excellent service to our guests visiting Al Khobar."
IHG currently operates 92 hotels across 7 brands in the Middle East, including: InterContinental, Crowne Plaza, Holiday Inn, Holiday Inn Express, Staybridge Suites, voco and Six Senses Hotels Resorts with a further 41 in the development pipeline due to open within the next three to five years.**
**Numbers as of June 30th, 2019