IHG signs second voco in the Middle East
Brand debuts in Saudi Arabia, with the additional signing of Holiday Inn Al Khobar Ulaya
InterContinental Hotels Group (IHG) has signed an agreement with Mohammed AbdulAziz Al Rajhi & Sons Investment Co to convert and rebrand two hotels in Saudi Arabia.
Under the management agreements, Coral Hotel will be converted to voco Al Khobar, the first voco in Saudi Arabia, and Holiday Inn Al Khobar Ulaya will undergo a major refurbishment, to be converted from an independently run hotel to the first managed Holiday Inn in Al Khobar, in the Eastern Province.
Scheduled to open in 2019, voco Al Khobar will offer guests an outdoor pool and gym, a business centre and 14 meeting rooms. Set to open in 2020, the Holiday Inn Al Khober Ulaya will offer guests a gym and swimming pool, 4,000 sqm of meeting space and three food and beverage options.
Speaking of the signing, Pascal Gauvin, managing director, India, Middle East & Africa, IHG, said that Saudi Arabia has always been a key market for IHG. “We have built a strong portfolio of brands across the country over the years and in partnership with Mohammed AbdulAziz Al Rajhi & Sons Investment Co. are delighted to be continuing our expansion. This agreement is particularly exciting as we are debuting voco in Saudi Arabia in line with our ambitious plans to accelerate the growth of the recently-launched upscale brand across the region.”
Yazid Bin Mohamed Al-Rajhi, board chairman, Mohammed AbdulAziz Al Rajhi & Sons Investment Co, said: “We are delighted to join forces with IHG, which has a strong legacy in the Kingdom, to leverage the growth opportunities that Saudi Vision 2030 presents, particularly in the burgeoning midscale and upscale market.”
The launch of the first voco in the Middle East was the rebranding of the Nassima Royal Hotel in Dubai. Hotelier also reported that globally, IHG launched voco in June 2018 to strengthen IHG’s offer in the US $40 billion upscale segment, which is expected to grow by a further $20 billion by 2025.
Founded in 2015, Mohammed AbdulAziz Al Rajhi & Sons Investment Co. is owned by heirs of Sheikh Mohammad Bin AbdulAziz Al Rajhi. The company's business is characterized by broad managerial infrastructure through the management of “large scale projects, developing new projects, and supporting start-ups that have a positive economic impact on the Saudi Arabia”, said a company statement