Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  InterContinental Hotels Group PLC       GB00B85KYF37

INTERCONTINENTAL HOTELS GROUP PLC

  Report  
SummaryNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

InterContinental Hotels Group PLC : IHG announces first Staybridge Suites in Al Khobar, Saudi Arabia

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/09/2014 | 08:43pm EDT
10 February, 2014 IHG announces first Staybridge Suites in Al Khobar, Saudi Arabia

Dubai, UAE, Sunday 9 January 2014: InterContinental Hotels Group (IHG) has signed a 20-year management agreement with Al Khorayef & Sons Co for a 189-key Staybridge Suites hotel in Al Khobar, Kingdom of Saudi Arabia. This will be the first Staybridge Suites property in Al Khobar and the third to be announced in Saudi Arabia.

Al Khorayef & Sons Co is a group of companies established over 50 years ago in the Kingdom with an International presence. The group is diversified into several industries including real estate development, petroleum solutions, manufacturing, trading and government contracting.

IHG is the largest international hotel group in Saudi Arabia both by number of rooms and number of hotels. Staybridge Suites Al Khobar joins five other IHG properties operating under three brands in the city, including InterContinental Hotels & Resorts, Crowne Plaza and Holiday Inn.

The entry of Staybridge Suites is timed to meet the rising demand for extended stay properties in Al Khobar due to its rising popularity as a regional and international business hub on Saudi Arabia's east coast. The city is also home to many employees of Saudi Aramco, the world's largest oil company, and benefits from a high number of leisure travellers during summer and winter school holidays that prefer to stay in hotels that give them access to home-like comforts on the road.

The strategic location of the hotel on Al Khobar's King Fahd Road also makes it convenient for guests travelling to the nearby cities of Damman and Dhahran. Once complete, Staybridge Suites Al Khobar will form part of a larger mixed-use development which will include multiple retail and food and beverage outlets. 

Pascal Gauvin, Chief Operating Officer, Middle East, India & Africa, IHGcommented: "With five properties currently in Al Khobar, we have a strong presence and in-depth knowledge of the area. Through the years we have observed its growth potential as a hub for both business and leisure travellers. This is our third Staybridge Suites to be announced in the Kingdom of Saudi Arabia, in response to a growing demand for extended stay properties and we predict a strong future for the brand across the Kingdom".

Bandar Alkhorayef, CEO of Al Khorayef & Sons Co added: "The King Fahd Road development is an exciting prospect for Al Khobar as the city continues to expand and business in the area is set to flourish. With the brand's stellar reputation, Staybridge Suites Al Khobar puts Alkhorayef Tower in a good position to attract extended-stay guests looking for a home away from home."

The Staybridge Suites brand launched in 1998 and the first Staybridge Suites in the Middle East opened in Cairo in 2008, and in Abu Dhabi in 2009. The brand is across the Middle East with seven properties in the pipeline for the region.

IHG currently operates 24 hotels in Saudi Arabia, with nine hotels due to open within the next three to five years. 

Notes to Editors:

IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of nine hotel brands, including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, EVEN™ Hotels and HUALUXE™ Hotels & Resorts.

IHG manages IHG® Rewards Club, the world's first and largest hotel loyalty programme with over 76 million members worldwide. The programme was relaunched in July 2013, offering enhanced benefits for members including free internet for Elites across all hotels, globally.

IHG franchises, leases, manages or owns over 4,600 hotels and 679,000 guest rooms in nearly 100 countries and territories. With more than 1,000 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years.

InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.

Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news, visit: www.ihg.com/mediawww.twitter.com/ihg, www.facebook.com/ihg or www.youtube.com/ihgplc.

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on INTERCONTINENTAL HOTELS GR
01:08aINTERCONTINENTAL HOTELS : to open 39 new hotels in India
AQ
04/17INTERCONTINENTAL HOTELS : IHG signs agreement with Valor Hospitality Partners Af..
PU
04/16INTERCONTINENTAL HOTELS : Bahrain's first Staybridge Suites to open by 2020
AQ
04/15INTERCONTINENTAL HOTELS : Hunter Valley's most prestigious estate reopens as voc..
PU
04/11INTERCONTINENTAL HOTELS : Iconic Holiday Inn® Commemorates Decades of Bringing J..
PU
04/10INTERCONTINENTAL HOTELS : IHG® signs two Holiday Inn hotels in Saudi Arabia
PU
04/10INTERCONTINENTAL HOTELS : IHG® strengthens European business with newly transfor..
PU
04/09INTERCONTINENTAL HOTELS : IHG® and SRG Holding announce double hotel partnership
PU
04/09INTERCONTINENTAL HOTELS : IHG® Appoints Matt Kistler as Senior Vice President of..
PU
04/09INTERCONTINENTAL HOTELS : IHG® is set to expand presence in Russia, CIS & Georgi..
PU
More news
Financials ($)
Sales 2019 2 042 M
EBIT 2019 851 M
Net income 2019 554 M
Debt 2019 2 119 M
Yield 2019 2,04%
P/E ratio 2019 21,85
P/E ratio 2020 18,92
EV / Sales 2019 6,75x
EV / Sales 2020 6,34x
Capitalization 11 664 M
Chart INTERCONTINENTAL HOTELS GROUP PLC
Duration : Period :
InterContinental Hotels Group PLC Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends INTERCONTINENTAL HOTELS GR
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
 
Mean consensus HOLD
Number of Analysts 16
Average target price 60,7 $
Spread / Average Target -5,3%
EPS Revisions
Managers
NameTitle
Keith Barr Chief Executive Officer & Director
Patrick Jean-Pierre Cescau Non-Executive Chairman
Paul Edgecliffe-Johnson Chief Financial Officer & Director
George Turner Chief Commercial & Technology Officer
Dale F. Morrison Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
INTERCONTINENTAL HOTELS GROUP PLC11 664
MARRIOTT INTERNATIONAL25.09%45 767
HILTON WORLDWIDE HOLDINGS INC22.23%25 652
HUAZHU GROUP LTD (ADR)46.00%12 179
ACCOR1.72%12 055
INTERCONTINENTAL HOTELS GROUP PLC15.91%11 664