Tuesday, 21 November 2017 08:28 GMT
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Hotels investors target Saudi markets

(MENAFN - Arab News) Rgeting saudi and other gulf markets a number of hotel groups and investors announced projects and expansion plans during the second day of arabian travel market.the uae-based hospitality management holdings (hmh) signed a franchise agreement for a new property in riyadh."it gives us great pleasure to welcome coral riyadh al dhabab hotel into our group as we continue to pursue our strategic expansion" said laurent a. voivenel ceo of hmh after the signing ceremony.expected to open in third quarter of 2014 with 114 well-appointed rooms and suites 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.commenting on hmh expansion in saudi voivenel said: "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 5804 rooms making it one of the most lucrative markets for growth in the middle east. another expansion announcement was from movenpick hotels and resorts. the group revealed its plans for a new hotel in jeddah — the 230-room movenpick hotel heraa jeddah will be the group's third property in the city.movenpick currently operates 27 hotels in the middle east out of a global portfolio of 80 and according to president and ceo jean gabriel peres is looking at the potential for additional properties in the uae to augment its portfolio of six hotels in dubai.'during the course of the next 12 months movenpick will launch seven new additions spread between europe africa the middle east and asia" he said.jamal wick shaza group's hotel operations manager said that the 203-room shaza amman will open on december 6 this year.speaking at arabian travel market he said the amman hotel would be the second shaza hotel to open after the shaza al madina in saudi arabia.'in 2015 we will open at the wave development in muscat and then the following year we will launch hotels in salalah and in central doha" he said. 'this will be followed in 2017 by a landmark property in jeddah that will be connected on three floors to the jeddah chamber of commerce building."shaza hotels is an independent five star hotel operator supported by an affiliation with kempinski and guidance hotel investment company — shaza's regional financial partner. it is also a member of the global hotel alliance.in a separate event at atm aqeel raees ceo and board member of gulf hotels said that the bahrain-based hospitality group has acquired land for the construction of a five-star 230-room hotel in business bay dubai that will open in 2017.'we are also sourcing a second site in dubai and currently considering a number of prime locations" he added.during a press conference held at atm venue united investment and sharjah chamber of commerce and industry (scci) revealed details of novotel sharjah expo a business hotel that will be opened to serve the sharjah's various sectors and participants in the expo centre's numerous events.sheikh sultan bin ahmed al-qassimi told journalists that novotel sharjah expo will open by the first quarter of 2017. it will be the official hotel of expo centre sharjah and will comprise 200 rooms.


Hotels investors target Saudi markets

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