MEDINA, SAUDI ARABIA Al Aqeeq Real Estate Development Co. is building a 400-key Holiday Inn hotel in the holy city of Medina.
Holiday Inn Medina-Al Safwa will be located close to the western yard of the Al Haram Holy Mosque and will target both business travelers and pilgrims.
“Medina is an important religious destination, so there is strong demand for quality hotels at an affordable price,” says Kirk Kinsell, IHG’s president for Europe, Middle East and Africa. “Partnering with Al Aqeeq Real Estate Development Co. on a deal of this caliber demonstrates our commitment to expansion in the Middle East. We are planning to add a further 10,652 rooms across the Middle East over the next three to five years.”
The brand’s awareness among business travelers and its affordable price point make it an ideal choice for the city, which could use additional midscale inventory, says Ahmad Al Qasabi, Al Aqeeq’s chief development officer. “The kingdom of Saudi Arabia is fast expanding as a business and tourist destination, so there’s a growing demand for hotels that cater to the midscale market. The strength of the Holiday Inn brand and the site’s location, which is ideal for both leisure and religious visitors, makes this a perfect deal for us.”
IHG has 313 Holiday Inn hotels in the global development pipeline, including three in Saudi Arabia that will open in the next five years. IHG operates 23 hotels in the kingdom under the InterContinental, Crowne Plaza and Holiday Inn flags.