A hotel project in Saudi Arabia
The InterContinental Hotels Group (IHG) opened five new hotels in Saudi Arabia in 2023, with 3,155 rooms. It also signed 14 agreements, and will soon launch another 29 hotels with 10,314 rooms, Asharq Al-Awsat newspaper reported, citing CEO Elie Maalouf.
Maalouf pointed out that the Saudi hospitality sector is growing and is expected to witness an increase in revenues to reach $2.93 billion during 2024, with an annual growth rate of 3.33%. He also expected the market size to reach $3.34 billion by 2028.
With nearly 50% of the group's development projects in the region completed, the Saudi market represents the most prominent opportunity for IHG hotels and resorts. This is especially true in light of Saudi Vision 2030 as a major contributor to diversifying economic activity.
The group continues to expand and introduce other brands from its global portfolio in the region, including Regent, Kimpton, Vignette Collection, and Six Senses, Maalouf noted.
The group’s hotels will be present in major Saudi projects within the 2030 plan, such as the Hotel Indigo in NEOM, as well as the signing of the InterContinental Resort development project in the Red Sea.
He highlighted that the group will sign an agreement to launch the first Kimpton Hotel in the region in King Abdullah Financial District (KAFD), which is expected to open in June 2024, in addition to InterContinental Riyadh and Regent Riyadh, which are set to open in January 2027.
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