Significant IHG gain in China
InterContinental Hotels Group PLC
15 February 2006
15 February 2006
INTERCONTINENTAL HOTELS GROUP SIGNS MORE THAN 4,500 ROOMS IN CHINA
London, February 15, 2006 - 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.
For further information, please contact:
Investor Relations (Gavin Flynn, Paul Edgecliffe-Johnson): +44 (0) 1753 410 176
+44 (0) 7808 098 972
Media Enquiries (Leslie McGibbon): +44 (0) 1753 410 425
+44 (0) 7808 094 471
Note to Editors:
InterContinental Hotels Group PLC of the United Kingdom (LON:IHG, NYSE:IHG
(ADRs)) is the world's largest hotel group by number of rooms. InterContinental
Hotels Group owns, manages, leases or franchises, through various subsidiaries,
almost 3,600 hotels and 539,000 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(R) Hotels & Resorts, Crowne
Plaza(R) Hotels & Resorts, Holiday Inn(R) Hotels and Resorts, Holiday Inn
Express(R), Staybridge Suites(R), Candlewood Suites(R) and Hotel IndigoTM, and
also manages the world's largest hotel loyalty programme, Priority Club(R)
Rewards.
InterContinental Hotels Group offers information and online reservations for all
its hotel brands at www.ichotelsgroup.com and information for the Priority Club
Rewards programme at www.priorityclub.com.
For the latest news from InterContinental Hotels Group, visit our online Press
Office at www.ihgplc.com/media.
This information is provided by RNS
The company news service from the London Stock Exchange UPQUQA