INTERCONTINENTAL Hotels Group (IHG) has signed a 20-year management agreement with Al Khorayef & Sons Co for a 189-key Staybridge Suites hotel in Al Khobar, Saudi Arabia.
This will be the first Staybridge Suites property in Al Khobar and the third to be announced in the country.
Al Khorayef & Sons, a group of companies established over 50 years ago in Saudi Arabia, enjoys international presence. The group is diversified into several industries, including real estate development, petroleum solutions, manufacturing, trading and government contracting. Staybridge Suites Al Khobar joins five other IHG properties operating under three brands in the city, including InterContinental Hotels & Resorts, Crowne Plaza and Holiday Inn.
The opening of Staybridge Suites is timed to meet the rising demand for extended stay properties in Al Khobar due to its rising popularity as a business hub on Saudi Arabia’s east coast. The strategic location of the hotel on Al Khobar’s King Fahd Road also makes it convenient for guests travelling to the nearby cities of Damman and Dhahran. Once complete, Staybridge Suites Al Khobar will form part of a larger mixed-use development, which will include multiple retail and food and beverage outlets.
IHG currently operates 24 hotels in Saudi Arabia, with nine hotels due to open within the next three to five years.