Intercontinental Hotels Group (IHG) and Saudi based Siraj Capital signed an agreement on Tuesday to establish the first three Holiday Inn Express hotels in Saudi Arabia. They will be located in Madinah and King Abdullah Economic City (KAEC), Knowledge Economic City, and Madinah Road in Jeddah. Under the agreement, it is expected that 12 more Holiday Inn Express hotels will be established throughout the Kingdom over the next five years.
The first three hotels will have a total of 575 rooms, cost between $50 million and $60 million and will be completed within the next 18 months. Chief Operating Officer of IHG for the Middle East and Africa, John Barnsey, said “We are confident that by offering competitive pricing, quality accommodation, and excellent service, backed by the confidence of an established brand, the three star brand properties will be a major success.”
