Hospitality Management Holdings (HMH) has signed agreements to operate five new properties in the Kingdom of Saudi Arabia.
Announcing the news in a press conference at Arabian Travel Market, the group’s chief executive Michel Noblet commented: “We are a strong believer in Saudi and are pleased to reveal that we have formalised contracts for five outstanding properties – one in Dhahran, three in Riyadh and one in Jeddah.”
Two hotels – in Dhahran and Jeddah – will come under the Coral brand, with the remaining three under the Corp Executive Hotels umbrella.
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“The beauty of the Saudi market is that it has a huge domestic market, with a population of approximately 30 million people, which ensures us guaranteed business. This is proving to be a boon for the hotel industry in the country," Noblet noted.
Commenting on HMH’s strategy for further expansion, he continued: “It is an exciting time for us. In addition to the projects under development, we have another 10 under negotiation – which is truly incredibly given the fact that our industry has been under severe pressure owing to the economic crisis.
“Most of our projects are well advanced with several expected to reach completion by the end of 2010 or mid-2011.
“This will add nearly 2000 keys to our existing portfolio.”
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