Ishraq Announces Groundbreaking of the First Holiday Inn Express Hotel in Kingdom of Bahrain

Manama: 12 October 2009 – Ishraq Gulf Real Estate Holding BSC (‘Ishraq’), the exclusive developer of the Holiday Inn Express brand of hotels in the GCC excluding Saudi Arabia, announced today that it has broken ground at the site of the Holiday Inn Express hotel in Manama, officially marking the commencement of construction on the 22-storey lmited service hotel.

Ishraq, majority-owned by Dubai International Capital, is developing the 279-room Holiday Inn Express Manama, due to open its doors in the fall of 2011. The hotel will be the brand’s first venture in the Kingdom of Bahrain and the first outside of Dubai. It will join the three existing Holiday Inn Express properties in Dubai, namely Dubai Internet City, Safa Park and Jumeirah.

A fourth property in Dubai, strategically located opposite Terminal 3 of Dubai International Airport, opens in January 2010, which will become the world’s largest operating Holiday Inn Express property, offering 381 rooms, targeting the price-conscious business and leisure travellers seeking quality lodgings at affordable rates.

Sami Al Ansari, CEO of Ishraq Gulf Real Estate said:

We are very excited about our entry into Bahrain and the opportunities its hospitality sector holds. We look forward to offering a unique product with the reliability and quality that have become synonymous with the Holiday Inn Express brand. Holiday Inn Express Manama is conveniently located in Bahrain’s business district, just minutes away from Bahrain International Airport, the King Fahd Causeway, Bahrain Financial Harbour, diplomatic missions and the shopping district.

Business and leisure travellers are increasingly demanding high quality accommodation without premium pricing – a trend we expect will continue for several years to come. With the decrease in corporate travel-related expenses and the growing number of budget-conscious travellers, demand has risen for budget and limited service hotels, especially branded ones that do not compromise on quality and provide great value with excellent accommodation and services that one would expect.

IHG is delighted to again be working in partnership with Ishraq to develop Express by Holiday Inn Manama. The limited service sector is a burgeoning new segment in the Middle East and IHG is committed to ensuring that we are at the forefront of this development,

explained John Bamsey, Chief Operating Officer, IHG, Middle East and Africa.

The fact that we have three Express properties open in such a short period highlights our dedication to growing the limited service sector throughout the region. We are proud to be offering limited service hotels to our customers; particularly those travellers who are simply looking for a great night’s sleep at an affordable price.

Bahrain’s first Holiday Inn Express will be located in the heart of Manama’s Exhibition Area between the central commercial, business and government districts. The property, with a total built up area in excess of 21,000 square metres, will include 17 floors of guest rooms and hotel facilities in addition to a multi-storey car park.

The hotel will offer a host of onsite facilities that include a mini-gym, an ‘Express Communications Centre’ equipped with essential business facilities such as fax, internet, printing and copying services, in addition to several meeting rooms that can accommodate up to 40 delegates, lounge, an all-day dining restaurant and a complimentary daily ‘Great Breakfast’. Each modern room comes with features such as a pillow menu and enhanced en-suite facilities including a power shower, all designed to provide guests with a more refreshing and comfortable stay.

Holiday Inn Express Manama will be operated by Ishraq Hospitality Management, a subsidiary of Ishraq Gulf Real Estate Holding Company.
Ishraq plans to continue its regional expansion, developing further Holiday Inn Express branded properties in the region over the next few years. Locations of future properties include Abu Dhabi, Doha, and Muscat.

Notes to Editors

About Ishraq Gulf Real Estate Holding BSC

Ishraq Gulf Real Estate Holding Company BSC is a real estate developer and investor that was established to invest in the development of high-quality, affordable hotels in the Middle East market. Headquartered in Dubai, Ishraq is the exclusive developer of the Express by Holiday Inn hotels in the entire GCC (except Saudi Arabia), Middle East & North Africa. Ishraq will develop more than 22 Hotels within a four year roll-out plan. Dubai International Capital, the Investment arm of Dubai Holding is the major shareholder of ISHRAQ. Its partners include several investors from the GCC. Please visit: http://www.ishraqholding.com for additional information.
Please visit: http://www.ishraqholding.com for additional information.  

About Dubai International Capital LLC 

Dubai International Capital LLC is an international investment company established in 2004 as a wholly owned subsidiary of Dubai Holding. DIC invests private funds on behalf of Dubai Holding and several large third party investors around the world with a mandate to build a portfolio of internationally diversified assets. DIC invests via two core divisions Private Equity and Emerging Markets.

DIC Private Equity invests in high performing mid-cap companies in Europe and North America with a focus on secondary buyouts that include Travelodge, Merlin Entertainments, Doncasters, FastenTech, Mauser, Alliance Medical, and Almatis.

DIC Emerging Markets invests in buyouts, buy-ins, listed equities, single-country funds and sector specific funds with a geographical focus in the Middle East.  Notable investments include the UAE-based Rivoli Group and KEF Holdings, Oger Telecom and Indian bank ICICI. Jordan Dubai Capital is a US$300 million fund investing exclusively in Jordan. Sector-specific funds include the US$300 million MENA Infrastructure Fund and Ishraq, a US$150 million vehicle to launch Holiday Inn Express hotels across the Middle East.

Additional information about Dubai International Capital LLC is available at: www.dubaiic.com.

About IHG

InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is one of the world's largest hotel groups by number of rooms.  IHG owns, manages, leases or franchises, through various subsidiaries, almost 4,150 hotels and more than 620,000 guest rooms in nearly 100 countries and territories around the world  The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel Indigo®, and also manages the world's largest hotel loyalty programme, Priority Club® Rewards with over 42 million members worldwide.

IHG pioneered the travel industry’s first collaborative response to environmental issues as founder of the International Hotels and Environment Initiative (IHEI). The environment and local communities remain at the heart of IHG’s global corporate responsibility focus. We’re the first major hotel group to have measured our environmental and carbon footprints and we’re in the process of setting reduction targets.
 
With more than 1,700 hotels in its development pipeline, IHG needs to find around 200,000 people over the next few years to meet its global expansion plans.

InterContinental Hotels Group PLC is the group's holding company and is incorporated in Great Britain and registered in England and Wales.

IHG offers information and online reservations for all its hotel brands at www.ihg.com and information for the Priority Club Rewards programme at www.priorityclub.com. For the latest news from IHG, visit our online Press Office at www.ihg.com/media.

For further information please contact:

Dubai International Capital LLC
Jehad Saleh
Tel: +971 4 362 1888
Email: jehad.saleh@dubaiic.com