Dur Hospitality signs licensing agreement with IHG

Saudi Arabia’s Dur Hospitality signed a 15-year licensing agreement with InterContinental Hotels Group (IHG) to manage several of its hotels in the kingdom, the company said in a statement to Tadawul on Sunday.

Dur Hospitality said the agreement comes in line with its transformation plan for its venues in Saudi Arabia as it moves to build partnerships and alliances with global brands in the hotel sector.

The company said it will post IHG’s operational costs at a later time, noting that the financial impact of the contract will start from the second quarter of 2015.