Intercontinental Hotels Group is looking to up its stake in Saudi Arabia. The company has signed a master development agreement with Saudi-based property and hotel developer Dur Hospitality Company for the franchise of a number of Holiday Inn & Suites.
A number of Holiday Inn & Suites branded hotels will be developed across the country over the next five years, IHG said in a statement.
“We have been in Saudi Arabia nearly 40 years and as a key market for us it holds our largest pipeline in the Middle East,” said Pascal Gauvin, COO, India, Middle East & Africa, IHG.
“Working with the right partner can go a long way in building our brands’ reputation in any market. We are confident the partnership will lend great support to the growth of our Holiday Inn presence in the country.”
IHG currently has 24 hotels in Saudi Arabia under the InterContinental, Crowne Plaza and Holiday Inn brands.
The company is planning to open another nine hotels in the next three to five years, including InterContinental Riyadh King Abdullah Financial District (KAFD) and Hotel Indigo Riyadh KAFD, marking the entry of the Hotel Indigo brand into the Middle East market, reports Gulf Business.
“Saudi Arabia is a very unique market and the tourism landscape is changing,” said Abdullah Bin Mohammed Al-Issa, chairman, Dur Hospitality Company.
“We have been managing hotels in Saudi Arabia for many years now and it is a change in direction for us to be working with an operator to develop these many hotels under one brand.”