IHG, Rikaz Properties in deal for new hotel in Saudi Arabia

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, this latest development is part of IHGs 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 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 are delighted to be partnering with IHG, a leading hospitality company for our new venture. We have witnessed strong tourism figures and hotel occupancy rates in Saudi Arabia. Tourism is a focal point under the governments vision 2030 - according to MAS (Tourism Research & Information Centre), the number of international trips made to Saudi Arabia is estimated to increase from 18 million in 2015 to 25.8 million in 2020. 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 across seven 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. - TradeArabia News Service