IHG and Rikaz Properties ink deal for new hotel in Al Khobar, Saudi Arabia
A further 41 properties are said to be in the development pipeline and are due to open within the next three to five years
InterContinental Hotels Group (IHG) has inked a management agreement deal with Rikaz Properties to develop its fourth Holiday Inn Hotel in Al Khobar, Saudi Arabia.
The Holiday Inn Al Khobar King Fahd Road is expected to open in January 2021.
The 140-key property will feature an outdoor pool, a lobby lounge, food and beverage outlets and a gymnasium, and is billed as the ideal choice for leisure guests during holiday seasons and corporate guests looking for ease of connectivity to and from Bahrain.
The group signed deals for two Holiday Inn properties in Madinah and Jeddah earlier this year. The latest development is said to be part of IHG’s dedicated efforts to increase its midscale portfolio in the region and cater to a diverse guest profile visiting the country, the statement 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,” said Pascal Gauvin, managing director, India, Middle East & Africa at IHG.
He added, “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.”
IHG operates 92 hotels across seven brands in the Middle East including the InterContinental, Crowne Plaza, Holiday Inn, Holiday Inn Express, Staybridge Suites, voco and Six Senses Hotels Resorts.
Khalid Al Gahtani, chairman of Rikaz Properties stated, “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 government’s Vision 2030 – according to MAS (Tourism Research & Information Centre), the number of international trips made to Saudi Arabia is estimated to increase from 18m in 2015 to 25.8m 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.”
