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InterContinental Hotels Group
has signed an exclusive franchise development agreement with Siraj Capital Ltd
to develop the Holiday Inn Express brand in Saudi Arabia. A total of 12 new properties are set to open within five years.
The Saudi Arabian deal follows the official opening of the Dubai Internet City property in November. IHG is opening on average two Holiday
Inn Express hotels every week around the world.
Siraj Capital
is acting on behalf of Rahala LLC, a Saudi Arabian limited liability company, under formation, which will be the asset owner
of Holiday Inn Express in Saudi Arabia. The deal was brokered by Hospitality Management Services (HMS), which will operate the individual
properties.
John Bamsey, Chief Operating Officer, InterContinental Hotels Group, Middle East & Africa
said, "We are currently
witnessing a growing demand for limited service hotels in the Kingdom where budget-conscious travellers seeking satisfactory levels of
amenities and service currently turn to more expensive accommodation options."
"With Holiday Inn Express we will address this issue by offering competitive pricing, quality accommodation and the assurance that an
international brand brings. All hotels will provide the essentials such as a complimentary breakfast, a power shower, workstations and a
great night's sleep" added Bamsey. "It is an ideal time to be investing in the bourgeoning Saudi Arabian market, where the tourism sector is
expected to grow by 12.6% in 2007 and by 6.1% per year between 2008 and
2017."
In October 2007, IHG announced a worldwide re-launch of the Holiday Inn brand family, which comprises Holiday Inn, Express by Holiday
Inn and Holiday Inn Express. All Holiday Inn hotels are required to implement the relaunch programme to create a more contemporary brand
image, increase quality and drive consistency.
The relaunch will result in all Express by Holiday Inn hotels being known as Holiday Inn Express globally, as well a new service promise, a
redesigned welcome experience and refreshed guestrooms.
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