In an effort to expand its presence in the Kingdom of Saudi Arabia, HMH – Hospitality Management Holdings has recently entered into a management agreement with Mobarak Hotels Group for operating Coral Al Madina Hotel.
The agreement was signed by Al Sheikh Mohamed Ebrahim Abdulrahim, chairman of Mobarak Hotels Group and Laurent A Voivenel, CEO of HMH in Madina. In attendance was HE Sheikh Mohammed bin Faisal Al Qassimi, CEO of Faisal Holding LLC and vice chairman of HMH, along with senior government dignitaries, tourism officials and prominent businessmen.
Al Sheikh Mohamed Ebrahim Abdulrahim said: “Our business vision is in line with the Saudi authorities’ plans for expanding the Holy Mosque and development of adjoining area. With an initial investment of SAR one billion, Designs Company and Mobarak Hotels Groups have entered into a management contract with HMH for operating Coral Al Madina Hotel. As part of this strategic understanding, we will hand over management of four other four-star hotels under development in the same area to HMH.”
The hotel will feature 400 plus rooms and suites spread across 10 floors and five basements. The other facilities include three restaurants, lobby lounge, luggage room, shopping arcade, fully-equipped gym and spa, two meeting rooms and a business center. The hotel is expected to welcome its first guests by Ramadan 2015.
Haj and Umrah tourism is a major source of revenue in Saudi Arabia and a mainstay of its economy. The number of pilgrims, which stood at two million in 2013, is expected to increase to 5.2 m by 2025.