Al Hokair Group announces signing an exclusive Master Development Agreement for Holiday Inn Express in the Kingdom
Al Hokair Group Announces signing on Wednesday, 18 April, an Exclusive Master Development Agreement (MDA) with Intercontinental Hotels Group, to develop and operate Holiday Inn Express properties, introducing the brand for the first time in Saudi Arabia.
InterContinental Hotels Group (IHG) is one of the worlds leading hotel companies, currently operating 31 properties in the Kingdom across 4 brands, and has 2600 Holiday Inn Express around the world, with another 776 properties scheduled to open in the coming 3 to 5 years.
Al Hokair Group currently operates six Holiday Inn hotels in Saudi Arabia. As per the exclusive new agreement, the first Holiday Inn Express will be a 200-room hotel based in Jeddah.
Holiday Inn Express is recognised for being mid-priced brand offering high quality standards, with moderate investment cost, allowing the Group to benefit from remarkable returns on investment in this brand.
Al Hokair Group expects to see the positive financial impact of this agreement starting from the first quarter of 2020. The Master Development Agreement is part of the strategy that the Group has adopted to manage and operate hotels and real estates to further enhance its presence in the Kingdom.