InterContinental Hotels Group signs management agreement with real estate company Rikaz Properties to develop its fourth Holiday Inn hotel in Al Khobar
InterContinental Hotels Group (IHG) has signed a management agreement with real estate company Rikaz Properties to develop its fourth Holiday Inn hotel in Al Khobar, Saudi Arabia.
Having signed two Holiday Inn properties in Madinah and Jeddah earlier this year, the latest deal is part of IHG’s efforts to increase its midscale portfolio in the region.
Expected to open in January 2021, Holiday Inn Al Khobar King Fahd Road will feature 140 rooms as well as an outdoor pool, a lobby lounge, food & beverage outlets and a 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 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.”
Khalid Al Gahtani, chairman, Rikaz Properties added: “We have witnessed strong tourism figures and hotel occupancy rates in Saudi Arabia... The Holiday Inn brand has an international appeal and we are confident that this latest hotel will perform successfully and cater to the increasing demand for midscale accommodation in the country.”
IHG currently operates 92 hotels in the Middle East, with a further 41 in the development pipeline due to open within the next three to five years.