Today an announcement was made between Jordan Dubai Capital (JD Capital) and Ishraq Gulf Real Estate Holding to develop three ‘Express by Holiday Inn’ hotels in Jordan.
The hotels will be constructed in Jordan’s major cities at a cost of JD 30 million and will form part of an aggressive five year plan to develop over 36 Express by Holiday Inn hotels in the Middle East region.
The agreement was signed at a press conference earlier today held at the InterContinental Jordan attended by Ismail Tahboub, Senior Vice President at JD Capital; Sami Al Ansari, C.O.O. of Ishraq Gulf Real Estate Holding Co; Günter Grigoleit, Director of Operations, InterContinental Hotels Group, Jordan; Bani Haddad, Project Director of Hospitality Management Services (HMS) and Salim Nazzal head of Project Finance at the Social Security Corporation Investment Unit.
Sami Al Ansari, said: “We are delighted to partner with Jordan Dubai Capital on this project, which is our first venture outside the GCC region and a sign of our strong commitment to the Middle East market.
His Excellency Samir Rifai, CEO of JD Capital, commented that this new alliance is in keeping with JD Capital’s strategic plan of sourcing value-added business ventures that will contribute to economic growth in Jordan.
“This deal marks the next strategic step in taking Jordan’s thriving tourism sector forward by filling a gap in the market for affordable, quality accommodation.”
Hospitality Management Services, who are the master franchise developer and operator of Express by Holiday Inn in the Gulf states, will operate the Express by Holiday Inn hotels in Jordan. The hotels will contain up to 500 rooms to satisfy demand for affordable quality lodgings in Jordan.
The Social Security Corporation (SSC) has showed its interest in projects of this nature and magnitude.
The World Tourism Organization recently reported the Middle East is the the fastest growing region in the world for tourism. It is growing by 6.7% annually, which will result in an annual influx of 69 million tourists by 2020.
Developed by InterContinental Hotels Group, Express by Holiday Inn is the world’s largest budget brand and is growing rapidly. Worldwide, there are more than 1,500 Express by Holiday Inn properties with more than 120,000 rooms.
“Budget travellers are now the largest sector of the burgeoning travel industry and that worldwide trend is being mirrored right here in the Middle East where there has been a shift in the market due to the gap in internationally branded value hotel accommodation throughout the region,” said Chris Moloney, Chief Operating Officer, InterContinental Hotels Group Middle East and Africa.
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Jordan Dubai Capital (JD Capital): JD Capital is a new entrant into the Jordan market with a capital of USD300 million. An affiliate of Dubai International Capital, which is the investment vehicle of the giant group Dubai Holding, JD Capital will apply its vast resources and skills in primary investment and will focus on opportunities that are emerging from privatization, development projects, and investment in existing and emerging companies.
Ishraq: Ishraq Gulf Real Estate Holding, a company incorporated in Bahrain with its head office in Dubai, is the exclusive developer of the Express by Holiday Inn hotels in the entire GCC (With the exception of Saudi Arabia). Ishraq will develop more than 36 Hotels within a 5 year roll-out plan, DIC, the Investment arm of Dubai Holding is the major shareholder of ISHRAQ (47%).
IHG: InterContinental Hotels Group PLC of the United Kingdom [LON:IHG, NYSE:IHG (ADRs)] is the world's largest hotel group by number of rooms. InterContinental Hotels Group owns, manages, leases or franchises, through various subsidiaries, over 3,600 hotels and 537,500 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel IndigoTM, and also manages the world's largest hotel loyalty programme, Priority Club® Rewards.
InterContinental Hotels Group offers information and online reservations for all its hotel brands at www.ichotelsgroup.com and information for the Priority Club Rewards programme at www.priorityclub.com.
For the latest news from InterContinental Hotels Group, visit our online Press Office at www.ihgplc.com/media.
HMS: Hospitality Management Services Middle East Ltd. – HMS- is an integrated regionally based organization established for the purpose of sourcing, launching developing and operating leading global hospitality and real estate brands through out the Middle East.
Social Security Corporation Investment Unit: In line with best practices in several countries worldwide, especially in developed countries, regarding the separation of investment activity from the social security insurance, the Investment Unit was established to manage the social security portfolio. It started operating in 2003 under the supervision of the board committee and within an integrated system of management, directing, and monitoring to ensure the independence and soundness of investment decision principles to be implemented to serve members and beneficiaries of the Corporation.
