Saudi Arabia: InterContinental Hotels Group (IHG) has signed a 20-year management agreement with Al-Khorayef & Sons Co. for a 189-key Staybridge Suites hotel in Alkhobar.
The property will be the first Staybridge Suites property in
Alkhobar and the third to be announced in Saudi Arabia, joint two in Jeddah.
It is being developed to meet the rising demand for extended stay properties in Al Khobar due to its increasing popularity as a regional and international business hub on Saudi Arabia's east coast.
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, chief operating officer, Middle East, India and Africa, IHG, said: "With five properties currently in Alkhobar, 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 travelers. This is our third Staybridge Suites to be announced in Saudi Arabia, in response to a growing demand for extended stay properties and we predict a strong future for the brand across the Kingdom."
Sheikh Bandar Alkhorayef, CEO of Al Khorayef & Sons Co, 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."
Al-Khorayef & Sons Co. is a group of companies involved in various sectors including real estate development, petroleum solutions, manufacturing, trading and government contracting.