Al Hokair to operate Holiday Inn Express hotels in Saudi

Riyadh – Mubasher: Saudi-based Abdul Mohsen Al Hokair Group for Tourism and Development Company has signed an agreement with Intercontinental Hotels Group to develop and exclusively operate Holiday Inn Express hotels in the kingdom.

The deal entails launching the first of Holiday Inn Express hotels in the GCC nation, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).

“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,” the statement added.

The Saudi company expected that the transaction’s positive financial impact will be appeared in its results as of the first quarter of 2020.

This contract is part of Al Hokair Group’s strategic plan to expand its operation of hotels and real estates in Saudi Arabia, the Saudi Arabian group noted. 

By 10:18 am KSA time, the stock increased 0.44% to SAR 22.98.

Mubasher Contribution Time: 19-Apr-2018 07:34 (GMT)
Mubasher Last Update Time: 19-Apr-2018 07:43 (GMT)