IHG Hotels & Resorts and Tashyid for Hotel Operations have signed an agreement to construct 12 new hotels for SR1.3 billion ($346.6 million), which will bring a new wave of growth and investments to Saudi Arabia’s hospitality and tourism sector. The deal will involve the construction of 2,500 rooms across the Kingdom, with the first Holiday Inn Express hotel set to open in Jeddah by June 2025. The agreement aligns with Saudi Arabia’s National Tourism Strategy, which aims to attract 100 million visitors by 2030 and increase the sector’s contribution to the Kingdom’s GDP to over 10%. IHG Hotels & Resorts currently operates 39 properties under five brands in the Kingdom and has 30 hotels in the construction pipeline set to open within the next three to five years.
Friday, October 27, 2023
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