InterContinental Hotels Group signs more than 4,500 rooms in China
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InterContinental Hotels Group signs more than 4,500 rooms in China
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2006-02-15
InterContinental Hotels Group (“IHG”) announces that it has signed contracts with a single owner to manage six new hotels (more than 4,500 rooms) in Chengdu and Jiuzhaigou in China’s Sichuan province.
This landmark signing in Sichuan, China’s second most populous province with over 90 million residents, marks a significant addition to IHG’s already strong portfolio of ca. 50 hotels in Greater China and supports the Group’s target of adding 50,000 – 60,000 net rooms by the end of 2008, including reaching a total of 125 hotels in China. With a presence in China since 1984 and already the largest international hotel operator there, IHG is well placed to grow in this dynamic market.
The six hotels – two InterContinental properties, three Holiday Inn properties and one Express by Holiday Inn – comprise a total of more than 4,500 rooms. The owner of the properties is Chengdu International Exhibition & Convention Group.
Andrew Cosslett, Chief Executive, IHG, who was in Chengdu for the signing, said:
“Developing hotels in China lies at the heart of our growth strategy for IHG. Our brands have a strong foothold in the region and Holiday Inn was one of the first international hotel brands to establish a presence there in 1984. This deal marks a major milestone as we move towards meeting our aggressive growth plans and we remain fully committed to maintaining our position as the leading hotel company in China.”
Detailed Notes
1. Hotels to open are:
a. In Chengdu City, as part of the new RMB 5 billion (US$620 million) New Century City international convention and exhibition centre, incorporating shopping, entertainment, offices, residences and a golf course:
· InterContinental Century City Chengdu, an upscale business hotel that will combine the latest communication and business technologies, high-end food and beverage options and conference facilities.
· Two Holiday Inn properties offering quality accommodation and business support services.
b. At the Jiuzhaigou Scenic Area, as part of Jiuzhai Paradise, hailed as the ‘Davos of China’:
· InterContinental Resort Jiuzhai Paradise, an upscale hotel with eight Food & Beverage outlets and extensive conference and recreational facilities.
· Holiday Inn Jiuzhai Jarpo, a mid-scale hotel, with business services and spa facilities.
· Express by Holiday Inn Jiuzhai Jarpo, a limited-service hotel, targeted at the convenience sector.
2. The owner of these properties will be the Chengdu International Exhibition & Convention Group which also has extensive interests in exhibitions and conventions, hotels, travel agencies and real estate. The Group commands more than 70% market share for exhibitions and conventions in Chengdu and had total revenues of RMB2.2 billion (US$265 million) in 2005. The first stage of the New Century City project in Chengdu is scheduled for completion in the first half of 2006.
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