HMH – Hospitality Management Holdings strengthened its hold over KSA with the announcement of five new projects at Arabian Travel Market.
Michel Noblet, CEO, HMH – Hospitality Management Holdings, said, “We are a strong believer of Saudi and are pleased to reveal that we have formalized contracts for five outstanding properties – one in Dhahran, three in Riyadh and one in Jeddah .”
While two of these hotels are under the Coral brand, three are under Corp Executive Hotels. Coral Dhahran is at an advanced stage of development and is a luxurious hotel strategically located minutes from the city’s prominent intersection between Prince Faisal bin Fahd road and King Saud road. It features 153 keys including 23 rooms exclusively dedicated for ladies. Superb dining, conference and leisure facilities will ensure guests world-class hospitality.
Coral Jeddah is equally distinctive and boasts 60 keys with roof-top swimming pool, fitness centre and two dining outlets. Targetting business travellers are Corp Executive Hotel – Riyadh, Corp Al Attas Riyadh and Corp Dabbab – Riyadh. Having the highest concentration of capital in the broader region, Riyadh has been growing in regional and international prominence. Michel said, “There is a strong demand for corporate hotels in Riyadh and Corp perfectly fits in as it is a brand designed around the needs of modern business travellers. Fast and secure Internet access, e-butlers, 24-hour IT helpline and dual telephone lines are an absolute must in these hotels in addition to efficient service, comfortable rooms, and first-class facilities.”
HMH has massive development taking place in the country. Out of the 33 hotels operational today under the HMH banner, 20 are in Saudi. Michel said, “The beauty of the Saudi market is that it has huge domestic market (moving for business or personal reasons) with a population of approximately 30 million people which ensures us guaranteed business. This is proving to be a boon for the hotel industry in the country.”
Elaborating on HMH’s strategy for expansion in KSA, Michel said “It is an exciting time for us. In addition to the projects under development, we have another 10 under negotiation which is truly incredible given the fact that our industry has been under severe pressure owing to the economic crisis. Most of our projects are well advanced with several expected to reach completion by the end of 2010 or mid 2011. This will add nearly 2000 keys to our existing portfolio.”
KSA is the region’s biggest economy being the world’s largest oil exporter. According to the International Monetary Fund, the outlook for Saudi economy remains broadly positive with the country posting double digit growth in the first two months of 2010. Government spending is the main driver of economic activity in Saudi and, significantly, the government posted an expansionary budget last December to stimulate growth through the slowdown. There is a serious shortfall of hotels in the country which makes it the perfect ground for hotel investors, developers and operators.
For more information about Coral Hotels & Resorts visit: www.coral-international.com