Adding to its impressive portfolio of hotels in the Kingdom of Saudi Arabia, HMH – Hospitality Management Holdings signed today at the Arabian Travel Market a franchise agreement for a superb new property in Riyadh. Inking the deal, Mr Laurent A. Voivenel, CEO, HMH, said, “It gives us great pleasure to welcome Coral Riyadh Al Dhabab Hotel into our group as we continue to pursue our strategic expansion. Being the political and commercial capital of KSA, Riyadh is an extremely dynamic destination attracting both domestic and international travellers. If all projects in its active pipeline are completed, the city will more than double its number of hotel rooms.”
Expected to open in third quarter of 2014, Coral Riyadh Al Dhabab Hotel is in final stages of development and joins Coral Riyadh Suliemaniah Hotel, Coral Al Khobar Hotel, Coral Jubail Hotel and Coral Al Ahsa Hotel.
Boasting 114 well-appointed rooms and suites, Coral Riyadh Al Dhabab Hotel will offer its guests comprehensive business and leisure facilities including an all-day-dining restaurant, lobby lounge, three meeting rooms, indoor swimming pool, Jacuzzi, Moroccan bath, sauna, two massage rooms and a well-equipped gymnasium. The hotel occupies a prime location in the heart of the city on Prince Faisal bin Turki Street just opposite Arab National Bank headquarter within minutes from the ministries district and Chamber of Commerce. In close proximity are Olaya Street and King Fahed Road.
Mr Voivenel said, “The signing of Coral Riyadh Al Dhabab Hotel emphasizes our commitment to development in the right markets with the right owners. We feel privileged to have been chosen by Al Muhadib Group for this fantastic property and look forward to a long-term understanding. We are a home-grown chain with a deep understanding of the region which gives us a distinct edge. We are confident Coral Riyadh Al Dhabab Hotel will tender superior customer service and top-notch facilities in keeping with the Coral Hotels & Resorts standards.”
The owner of the property Mr Abdullah Al Muhadib, said, “Partnering with HMH, who have an impressive track record, provides us with a great opportunity to offer travellers to Riyadh a truly world-class brand with deep regional insights and sensitivities. We foresee a long-term benefit for both parties as the demand for quality accommodations goes up in the Kingdom, and believe continued economic growth will maintain high demand and profitability for any new venture including Coral Riyadh Al Dhabab Hotel.”
Commenting on HMH expansion in Saudi, Mr Voivenel, stated, “Tourism has a huge significance for the economy in KSA being the country’s second largest industry. With over $80 billion worth of investment into key infrastructure projects including airport expansion, railways and roads, domestic as well as international tourism is expected to benefit tremendously, making it an opportune time for us to expand our presence in the market”.
According to latest figures Riyadh’s total active hotel development pipeline consists of 5,804 rooms making it one of the most lucrative markets for growth in the Middle East. The real opportunity for the hospitality industry comes from the growing domestic tourism that aims to get a share of 8.2 million Saudi residents who currently travel abroad each year. The Saudi Commission for Tourism and Antiquities (SCTA) forecasts that domestic tourism will grow to a staggering 128 million trips and 640 million nights by 2019 growing from 32 million domestic tourism trips and 199 million nights in 2009. Government estimations expect that the Saudi internal tourism expenditures may reach up to SAR 100 billion by the 2020.
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