IHG Gives Go-ahead to 35 New UK Hotels
The Holiday Inn firm InterContinental Hotels Group (IHG) will open 35 new hotels in the UK during the next three to five years.
It has been projected that this will create some 3,000 jobs in the UK. The market recovery in the industry was led by the group's London hotels as a result of several factors. A global rise in demand from business travellers was responsible in no small part for the group's 22 per cent increase in half-year profits. This was also boosted by increased demand experienced by the leisure industry.
Specifically, IHG reported operating profits of just over £137 million for the first half of 2010. Its revenues per available room in Park Lane also increased by 15 per cent, according to a report by the Press Association.
IHG Chief Executive Officer Bill Marriott told the Wall Street Journal: "Business and leisure stays at our hotels are trending up."
IHG said that revenues tend to be driven by higher occupancy levels, rather than increased rates as such. In fact, room rates remained lower than for the same time in 2009, although these showed a positive trend as the market began to recover.
This improvement in their financial health has led IHG to its newest venture in Central London and across the country. Of the 35 planned hotels, 24 will be Holiday Inn establishments. There will also be two new Crowne Plazas, three Staybridge Suites and five Hotel Indigos.
Other ventures include an overhaul of existing Holiday Inn hotels, incorporating a new brand, improved facilities, and retraining for staff.
IHG is among the biggest hoteliers in the world, operating 255 hotels in the UK alone.
Travel Industry news posted by Marilyn on 17 August 2010
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