IHG to launch new all-suite upper-midscale brand
Fresh from announcing its latest acquisition, InterContinental Hotels Group is further expanding its brand portfolio.
IHG will launch a new mass market all-suite upper-midscale brand later this year.
The company just announced the recent acquisition of wellness focused luxury brand Six Senses.
The newest all-suite brand would build on its ‘existing mainstream strength’, and plug a gap in an $18 billion industry segment.
CEO Keith Barr unveiled initial plans as IHG reported total revenue of $4 billion, which is up 6% on the previous year.
Operating profit dipped 7% to $670 million.
Global revPAR was up even as the company posted its largest net system size growth in a decade with 56,000 new rooms.
"The investments we have made have had a significant impact, allowing us to further evolve our established brands, move quickly to strengthen our portfolio both organically and by acquisition, and create real momentum in our business," Barr said.
IHG said almost half of all signings were for the Holiday Inn brands and it also signed agreements for 18 new Kimpton hotels.
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