HMH Signs New Hotel in Riyadh, Saudi Arabia

HMH - Hospitality Management Holdings has signed a franchise agreement for a new property in Riyadh, Saudi Arabia.

Expected to open in Q3 2014, Coral Riyadh Al Dhabab Hotel is in the final stages of development and joins Coral Riyadh Suliemaniah Hotel, Coral Al Khobar Hotel, Coral Jubail Hotel and Coral Al Ahsa Hotel in the Kingdom.

Boasting 114 rooms and suites, Coral Riyadh Al Dhabab Hotel will offer guests an all-day-dining restaurant, lobby lounge, three meeting rooms, indoor swimming pool, jacuzzi, Moroccan bath, sauna, two massage rooms and a 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 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."

According to the 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 market 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.