IHG® Hotels & Resorts, one of the world’s leading hotel companies, has 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 7 hotels in the Kingdom of Saudi Arabia across IHG’s portfolio of brands. The announcement was made at Arabian Travel Market (ATM) 2021 in Dubai.
The 5-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 5 years to develop additional 12 hotels in the Kingdom of Saudi Arabia.
RIVA Development Company has an excellent 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.
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, 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”
Engr. Mugbel S. Al Thukair, Co-Founder, RIVA Development Company, Chairman, RIVA Hospitality for Hotel Services 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. The signing demonstrates our shared commitment to Saudi Vision 2030 and confidence in the future growth of the Saudi tourism sector. We are excited about this new venture and look forward to welcoming guests to these highly anticipated locations in the near future.
IHG currently operates 38 hotels across 5 brands in Saudi Arabia, including: InterContinental, Crowne Plaza, Holiday Inn , Staybridge Suites and voco with a further 20 hotels in the development pipeline due to open within the next three to five years.