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Jeddah - Yasmine El Tohamy - RIYADH: IHG Hotels & Resorts has signed an agreement to manage a new property in the Saudi capital as part of its expansion in the Kingdom.
The deal was signed with Lina Snack Foods Company and the 138-room property, Holiday Inn Riyadh The Business District, is scheduled to open next January.
It is located close to King Khalid International Airport and the Riyadh Front and will feature two food outlets. It will be part of a mixed-use development that includes 20 offices, a coffee shop, a mosque and a nursery.
Matthew Tripolone, who is a vice president at IHG, said: “Saudi Arabia remains a priority market for us in the region, and we are delighted to add another hotel to our growing portfolio in the country. Despite the current challenges faced by the industry, we believe that Vision 2030 will continue to progress and the hospitality industry will be an extremely important sector.”
The growth would be fueled by increasing demand from business and leisure travelers and key cities such as Riyadh would be at the center of this demand, he added.
IHG currently operates 95 hotels across seven brands in the Middle East, including InterContinental, Crowne Plaza, Holiday Inn, Holiday Inn Express, Staybridge Suites, Voco and Six Senses. Dozens more are due to open within the next five years.
It recently signed an agreement to manage the 145-room Voco Jeddah North, which is set to open in the first quarter of 2022.
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