(TAN): IHG Hotels & Resorts has signed a deal with RIVA Development Company via its wholly owned subsidiary RIVA Hospitality for Hotel Services Company to open at least seven hotels in Saudi Arabia across IHG’s portfolio of brands.
According to the announcement, which was made at Arabian Travel Market (ATM) 2021 in Dubai, the five-year agreement will add to IHG’s portfolio across key brands in the country in cities such as Riyadh, Jeddah, Eastern Province, Abha, Hail, Qassim and Tabuk. Most hotels under the agreement are expected to be greenfield projects and will represent the best in class products. The agreement also presents the potential to extend the partnership for another five years to develop additional 12 hotels in the Kingdom of Saudi Arabia.
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RIVA Development Company has an excellent track record in real estate across multiple sectors including F&B, residential and entertainment, and the agreement will see it expand its horizons to create a regional footprint in the hospitality sector.
Speaking on the announcement, Haitham Mattar, Managing Director, India, Middle East & Africa, IHG said: “We have a strong legacy in the Kingdom and are committed to leveraging the growth opportunities that focus on aligning with Saudi’s vision 2030 and the priority destinations highlighted in the Saudi Tourism Strategy, 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 InterContinental, Holiday Inn, voco and Crowne Plaza, we are growing our presence with best-in-class products, experiences and services.”
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IHG currently operates 38 hotels across five brands in Saudi Arabia, including InterContinental, Crowne Plaza, Holiday Inn , Staybridge Suites and voco with a further 20 hotels in the development pipeline due to open within the next three to five years.
