Dur Hospitality Company Signs Development Agreement with IHG to Expand Holiday Inn & Suites Footprint in Saudi Arabia
15 December, 2014 – InterContinental Hotels Group (IHG) has today announced the signing of a master development agreement (MDA) with Dur Hospitality Company (formerly Saudi Hotels and Resorts Co or SHARACO) for the franchise of a number of Holiday Inn & Suites across the Kingdom of Saudi Arabia (KSA).
The agreement will see a number of Holiday Inn & Suites branded hotels developed across KSA over the next five years, significantly enhancing the brand’s footprint in the Kingdom.
Pascal Gauvin, Chief Operating Officer, India, Middle East & Africa, IHG, said: “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 and we are delighted to be working with a major industry player such as Dur Hospitality Company. We are confident the partnership will lend great support to the growth of our Holiday Inn presence in the country and look forward to delivering great experiences to guests staying at the Holiday Inn hotels we jointly develop in KSA.”
Eng. Abdullah Bin Mohammed Al-Issa, Chairman, DUR Hospitality Company, said: “Saudi Arabia is a very unique market and the tourism landscape is changing. We have been managing hotels in KSA for many years now and it is a change in direction for us to be working with an operator to develop this many hotels under one brand.”
“This investment is the result of a stellar business transformation programme for us and we are pleased to have launched our new identity last month with a strategic goal to create new partnerships with leading international hotel companies. We have seen the success IHG has had managing hotels in KSA and it is clear IHG understands the market. We are confident our Holiday Inn hotels will add significant value to the city’s hospitality offering and provide guests with the comfortable, welcoming environment the brand is globally recognised for.”
IHG currently has 24 hotels across three brands in KSA: InterContinental, Crowne Plaza and Holiday Inn. The company will open a further nine hotels in the next three to five years, including InterContinental Riyadh King Abdullah Financial District (KAFD) and Hotel Indigo Riyadh KAFD, which will mark the entrance of the Hotel Indigo brand into the Middle East market.
SOURCE: InterContinental® Hotels & Resorts