IHG Hotels & Resorts has announced the signing of a master development agreement with RIVA Development Company via its wholly owned subsidiary RIVA Hospitality for Hotel Services Company.
The deal will see the pair open at least seven hotels in the Kingdom of Saudi Arabia.
The five-year agreement will add to the IHG 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 additional 12 hotels in Saudi.
Speaking on the announcement, Haitham Mattar, managing director, India, Middle East & Africa, IHG, said: “We are excited to partner with RIVA Development Company as we strengthen our offering in Saudi Arabia.
“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.”
IHG currently operates 38 hotels across five brands in Saudi Arabia.
Mugbel Al Thukair, co-founder, RIVA Development Company, said: “We are proud to be partnering with an experienced, global hospitality company such as IHG, and we look forward to leveraging their experience and knowledge to offer world-class amenities and excellent service to our guests.”
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