IHG® Hotels & Resorts announced the signing of a master development agreement (MDA) with RIVA Development Company, via its wholly owned subsidiary RIVA Hospitality for Hotel Services Company, to open at least seven hotels in KSA. RIVA Development Company has a remarkable track record in real estate across multiple sectors, including F&B, residential and entertainment, and the agreement will see it expand its horizons to create a regional footprint in the hospitality sector.
The new properties will span across IHG’s portfolio of brands. The announcement was made at the Arabian Travel Market (ATM) 2021.
The five-year agreement will add to IHG’s portfolio across key brands in the country in cities such as Riyadh, Jeddah, Eastern Province, Abha, Hail, Qassim and Tabuk. Most hotels under the agreement are expected to be greenfield projects and will represent the best-in-class products. The agreement also presents the potential to extend the partnership for another five years to develop an additional 12 hotels in the Kingdom of Saudi Arabia.
Haitham Mattar, managing director for India, Middle East & Africa at IHG, said: “We have a strong legacy in the Kingdom and are committed to leveraging the growth opportunities that focus on aligning with Saudi’s vision 2030 and the priority destinations highlighted in the Saudi Tourism Strategy, by expanding our presence across the country through our portfolio of global brands. With a number of recent signings in Saudi Arabia, across our brands such as InterContinental, Holiday Inn, voco and Crowne Plaza, we are growing our presence with best-in-class products, experiences and services, that attract both domestic and international visitors, as well as Saudi talent as part of our support to the government’s ‘Tawteen’ program. We also look forward to introducing new brands from our global portfolio to the Saudi market and are gearing up to cater to the needs of diverse guest profiles expected to visit the country in the coming years.”
IHG currently operates 38 hotels across five brands in Saudi Arabia, including: InterContinental, C