Jeddah – Amlak
Coral Hotels & Resorts has entered into an agreement with Al Fanar Group to manage the group’s new hotel in Jeddah, as part of its commitment to expanding in the hospitality market in the Kingdom of Saudi Arabia, Coral’s major expansion in Jeddah is the result of a development strategy that will see the group strengthen its presence throughout the Kingdom, where it currently operates several hotels, including two in Riyadh and one each in Al-Khobar and Al-Ahsa. The group also signed management contracts for two other Coral hotels in Saudi Arabia during the recent Arabian Travel Market (ATM) exhibition.
The new hotel, currently under construction on Jeddah’s magnificent Corniche, is scheduled to open in early 2011. Coral Jeddah will feature 54 rooms, eight suites, eight studio apartments, two restaurants, a rooftop café, three multipurpose rooms, a health club, and a swimming pool.
According to Michel Noblet, President and CEO of HMH – Hospitality Management Holdings: “Government investments in infrastructure have given a tremendous boost to domestic tourism, in addition to Hajj and Umrah trips, and the increase in business travel has opened the door wide to tremendous opportunities across all segments of the hospitality sector.”
He added: “Jeddah, as the gateway to Mecca, is benefiting from pilgrims, whose numbers are expected to reach eight million next year. A 20-year redevelopment program is set to begin, aimed at revitalizing the old city center, in addition to the implementation of several mega-projects, such as King Abdullah Economic City, Jeddah Hills, and expansions at Jeddah International Airport to accommodate 30 million passengers annually.”.
All of this means there will be an urgent need for all levels of hotel accommodations, from deluxe properties to major brands with a well-established reputation.”
Saudi Arabia was identified as one of the “key markets” for hotel development during the recent Arab Hotel Investment Conference; Therefore, it has prioritized domestic tourism as a growing sector, but at the same time has opened up to international tourism to a limited extent, while also facilitating business and investment by easing entry visa requirements.