IHG to open new Staybridge hotel in Saudi
Khobar (Saudi Arabia), February 9, 2014
InterContinental Hotels Group (IHG) has signed a 20-year management agreement with Al Khorayef & Sons Company for a 189-key Staybridge Suites hotel in Al Khobar area of Saudi Arabia.
This will be the first Staybridge Suites property in Al Khobar and the third to be announced in the kingdom, said a IHG statement.
Al Khorayef & Sons Co is a group of companies established over 50 years ago in the Kingdom with an International presence. The group is diversified into several industries including real estate development, petroleum solutions, manufacturing, trading and government contracting.
IHG is the largest international hotel group in Saudi Arabia both by number of rooms and number of hotels. Staybridge Suites Al Khobar joins five other IHG properties operating under three brands in the city, including InterContinental Hotels & Resorts, CrownePlaza and Holiday Inn, said a senior official.
The entry of Staybridge Suites is timed to meet the rising demand for extended stay properties in Al Khobar due to its rising popularity as a regional and international business hub on Saudi Arabia’s east coast.
The city is also home to many employees of Saudi Aramco, the world's largest oil company, and benefits from a high number of leisure travellers during summer and winter school holidays that prefer to stay in hotels that give them access to home-like comforts on the road, he noted.
The strategic location of the hotel on Al Khobar’s King Fahd Road also makes it convenient for guests travelling to the nearby cities of Damman and Dhahran. Once complete, Staybridge Suites Al Khobar will form part of a larger mixed-use development which will include multiple retail and food and beverage outlets.
Pascal Gauvin, the chief operating officer, Middle East, India & Africa, IHG said: “With five properties currently in Al Khobar, we have a strong presence and in-depth knowledge of the area. Through the years we have observed its growth potential as a hub for both business and leisure travellers."
"This is our third Staybridge Suites to be announced in the Kingdom in response to a growing demand for extended stay properties and we predict a strong future for the brand across the Kingdom," he noted.
Commenting on the deal, CEO Sheikh Bandar Al khorayef said: “The King Fahd Road development is an exciting prospect for Al Khobar as the city continues to expand and business in the area is set to flourish. With the brand's stellar reputation, Staybridge Suites Al Khobar puts Alkhorayef Tower in a good position to attract extended-stay guests looking for a home away from home."
The Staybridge Suites brand, which was launched in 1998, entered the Middle East scene a decade later with opening of the region's first Staybridge Suites in Cairo followed by Abu Dhabi in 2009.
The brand is now spread across the Middle East with seven properties in the pipeline for the region.
IHG currently operates 24 hotels in Saudi Arabia, with nine hotels due to open within the next three to five years.-TradeArabia News Service