Equinox Ventures Ltd., a joint venture between Al-Tayyar Travel Group and Dubai-based Equinox Group, has signed an agreement with Choice Hotels International to develop properties under the Quality, Comfort and Clarion brands in Saudi Arabia and the United Arab Emirates.
Under the deal, 25 hotels and 8,000 hotel rooms will be delivered by 2021.
Developers in the region have traditionally focused on creating high-end hotels, but demand for mid-market and budget accomodations has increased with the growing middle class.
“We believe that the next wave of growth and expansion in our region belongs to the mid-market segment,” Shuja Zaidi, President of Equinox Group, said in a statement released Tuesday. “To prepare for it, it was only natural that we partner-up with one of the largest and most globally recognized experts in the space.”
Phocuswright, a provider of travel, tourism and hospitality market research, expects the Middle East travel industry to reach $98 billion by 2017, from $71.8 billion in 2014.
Choice Hotels has more than 6,400 hotels in over 35 countries and territories.
Equinox Group is 40 percent owned by Al-Tayyar Group, according to the data available on Argaam.
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