Riyadh-Mubasher: Choice Hotels International signed a master development agreement with Equinox Ventures to introduce and develop three of Choice’s brands Clarion, Comfort and Quality across the UAE and Saudi Arabia, according to a statement published.
Equinox Ventures is a joint venture between Equinox Group and Al Tayyar Travel Group.
The agreement is expected to deliver around 25 hotels and 8,000 hotel rooms for Choice’s portfolio in the UAE and Saudi Arabia by 2021.
The Middle Eastern hospitality sector is expected to grow exponentially in the coming years, according to Shuja Zaidi, President of Equinox Group.
Key regional markets such as Dubai, Riyadh, Jeddah and Makkah are suffering from undersupplied in mid-market hotel accommodations, Zaidi added.
Many existing hotel properties operating independently and without brand affiliation, he noted.
The Middle East travel industry is expected to rise to $98 billion by 2017, from $71.8 billion in 2014, according to Phocuswright.
