Archives

Retail login

Help | Alert

Home

Media Center

Financial News

15-12-14

Saudi Dur, IHG sign deal on hotel operations

(MENAFN) Intercontinental Hotels Group (IHG) announced it has signed an agreement with Dur Hospitality, the Saudi-based property and hotel developer Company for the franchise of a number of Holiday Inn & Suites across the Kingdom, Gulf Business reported.

Under the signed agreement, a number of Holiday Inn & Suites branded hotels will be developed across the country over the next five years, though the number of those hotels was not specified.

"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. 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," COO, India, Middle East & Africa, IHG said.

IHG, which currently has 24 hotels in Saudi Arabia under the InterContinental, Crowne Plaza and Holiday Inn brands, also said that it 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.

Dur Hospitality has been expanding in the Kingdom's growing hospitality market, signing operation agreements with international hotel groups, including a USD79.90 million agreement it recently signed with Marriott International for two hotels in Riyadh's diplomatic quarter, as well as having plans to spend USD373 million in expanding its portfolio of hotels and luxury residential buildings within the next seven years.

Follow us

Terms & Conditions | Privacy & Security | Contact Us | Sitemap