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AMMAN-Intercontinental Hotels has signed an agreement with Jordan Dubai Capital (JD Capital) and Ishraq Gulf Real Estate Holding to build three budget Holiday Inn hotels in Jordan at a cost of $45 million.

Hospitality Management Services, who are the master franchise developer and operator of Express by Holiday Inn in the Gulf states, will operate the Express by Holiday Inn hotels in Jordan including one in the capital Amman. The hotels will contain up to 500 rooms to satisfy demand for affordable quality lodgings in Jordan.

“We are delighted to partner with Jordan Dubai Capital on this project, which is our first venture outside the GCC region and a sign of our strong commitment to the Middle East market,” says Sami Al Ansari of Ishraq Gulf Real Estate Holding.

“This deal marks the next strategic step in taking Jordan’s thriving tourism sector forward by filling a gap in the market for affordable, quality accommodation,” Samir Rifai, CEO of JD Capital, adds.

The deal forms part of a five-year plan to develop more than 36 Express by Holiday Inn hotels in the Middle East.

“Budget travelers are now the largest sector of the burgeoning travel industry and that worldwide trend is being mirrored right here in the Middle East where there has been a shift in the market due to the gap in internationally branded value hotel accommodation throughout the region,” explains Chris Moloney, chief operating officer, InterContinental Hotels Group Middle East and Africa.

The World Tourism Organization recently reported the Middle East as the fastest growing region in the world for tourism. It is growing by 6.7% annually, which will result in an annual influx of 69 million tourists by 2020.

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