IHG Hotels & Resorts has announced the signing of a management agreement with Al Aqeeq Real Estate Development Company for Crowne Plaza Taiba Riyadh.
The Saudi company is a wholly owned subsidiary of Taiba Investments.
Located on Makkah Al Mukarammah Branch Road, in proximity to the King Faisal Specialist Centre and the Diplomatic Quarter of Riyadh, the new build hotel is scheduled to open in 2025.
Speaking on the announcement, Haitham Mattar, managing director, India, Middle East & Africa, IHG said: “With the signing of Crowne Plaza Taiba Riyadh, we continue to expand our footprint in the kingdom.
“Our premium brand, Crowne Plaza, is a perfect fit for modern business travellers who desire a seamless transition between work and rejuvenation and therefore supports the business and leisure tourism offer put forth in Vision 2030.
“We are also honoured to have a partner in Taiba Investment, which is known for experience and expertise in the sector.
“The new build hotel will greatly benefit from increasing demand from the centre and enhance the city’s hospitality offerings.”
The hotel will offer 192 rooms and 110 serviced apartments and will provide a holistic experience for transient and extended-stay guests alike.
“We are pleased to be partnering with IHG to develop our new hotel in the capital city of Riyadh,” added Saleh Habdan Al-Habdan, chief executive of Taiba Investments Real Estate Company.
IHG currently operates 37 hotels in Saudi Arabia across five brands including InterContinental, Crowne Plaza, Holiday Inn, Staybridge Suites and voco.
A further 23 hotels are in the development pipeline, due to open within the next three to five years.