IHG signs third Staybridge Suites property in KSA

InterContinental Hotels Group has signed a 20 year management agreement with Al Khorayef & Sons Co to operate a 189-key Staybridge Suites as part of the Alkhorayef Tower development in Al Khobar, Saudi Arabia.

The new hotel will be the first Staybridge Suites branded property in Al Khobar, and the third to be announced in Saudi Arabia.

Once complete, Staybridge Suites Al Khobar will be part of a mixed use development, which will include retail, food and beverage outlets. The hotel will be located on Al Khobar’s King Fahd Road, within easy distance of cities such as Damman and Dhahran.

Commenting on the new property, IHG chief operating officer Middle East, India & Africa Pascal Gauvin said: “With five properties currently in Al Khobar, 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 travellers. This is our third Staybridge Suites to be announced in the Kingdom of Saudi Arabia, in response to a growing demand for extended stay properties and we predict a strong future for the brand across the Kingdom.”

Al Khorayef & Sons CEO Sheikh Bandar Al Khorayef 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.”

According to a statement by IHG, the entry of Staybridge Suites in the Al Khobar market is timed to meet the rising demand for extended stay properties in the city, which is home to Saudi Aramco, the world’s largest oil company.

IHG currently operates 24 hotels in Saudi Arabia, with nine hotels due to open within the next three to five years.