CHINA A new three-brand, six-hotel management contract with Poly Real Estate Group Co. Ltd. will add about 1,773 guestrooms to IHG’s China pipeline.
Besides enhancing what is already the largest China development pipeline among international hotel companies, the deal strengthens IHG’s presence in China’s emerging secondary and tertiary markets. The six newly signed projects are in Guangdong and Jiangxi provinces and consist of three InterContinental hotels, two Crowne Plaza hotels and one Holiday Inn hotel.
“I truly believe that the reason we’ve gained our owners’ trust and confidence in China is because they love our brands, trust our extensive network, and more importantly appreciate the financial returns we have been delivering for almost three decades,” says Keith Barr, CEO of IHG Greater China. “And one of our strategies to continue and even accelerate our quality growth in China is to partner with large-scale and influential real estate developers like Poly Real Estate.”
Poly Real Estate is China’s leading state-owned real estate company, with 119 subsidiaries spreading across 35 cities nationwide. IHG is the only international hotel group to have partnered with Poly Real Estate to date, and the new deal brings to nine the number of Poly-owned hotels managed by IHG.
The six new hotels are:
- The 300-key InterContinental Guangzhou Exhibition Centre, to open in 2014
- The 300-key InterContinental Shunde, to open in 2015
- The 300-key InterContinental Foshan Dongping, to open in 2014
- The 320-key Crowne Plaza Hailing Island, to open in 2014
- The 300-key Crowne Plaza Nanchang Wanli, to open in 2014
- The 253-key Holiday Inn Guangzhou Science City, to open in 2014
The other three hotels already under contract between IHG and Poly Real Estate are:
- The 450-key InterContinental Foshan
- The 350-key Crowne Plaza Chengdu Poly Garden, opening this year
- The 300-key Crowne Plaza Chongqing Poly Garden, to open in 2013
