InterContinental Hotels Group is preparing to launch a new three-star brand just below Holiday Inn, targeting an estate of 500 hotels over the next decade.
The company has yet to unveil the name but will build the brand by converting existing middle-ranking or midscale hotels. It is seeking new, faster avenues of growth that enable both IHG and owners of existing hotels to quickly benefit from plugging them into its distribution channels and loyalty programmes.
The group said that over the past six months conversions had represented 40 per cent of its signings and openings. According to the hotel consultancy STR, the existing midscale room supply in the US market was already worth $14 billion in annual revenues, growing to $18 billion by 2030. STR
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