IHG Hotels & Resorts has signed a Master Development Agreement with Australian property developer ALAND to launch Staybridge Suites, IHG’s upscale extended-stay brand, in Australia.
Under the agreement, ALAND will have exclusive development rights for Staybridge Suites in Australia, with a portfolio of at least 15 hotels comprising a minimum of 2,000 rooms to be developed across the country. The agreement expands the partnership between IHG and ALAND and establishes a long-term development pathway for the brand in Australia.
Alongside the Master Development Agreement, IHG and ALAND signed the first two franchise agreements for Staybridge Suites in Australia: the 130-room Staybridge Suites Sydney Parramatta and 112-room Staybridge Suites Sydney Leppington, both in Greater Western Sydney. The hotels will be managed by Signature Hotel Management Group.
The two hotels form the first phase of the national portfolio and build on IHG and ALAND’s relationship, following the recent opening of the 130-room voco Gosford within ALAND’s Archibald precinct.
“This is a significant long-term development agreement for IHG in Australia,” said Matt Tripolone, managing director, Australasia & Pacific, IHG Hotels & Resorts. “Establishing a portfolio of at least 15 hotels and 2,000 rooms with one development partner gives us a clear pathway to build a meaningful position in the extended-stay segment, where we see considerable long-term opportunity.
“Importantly, this is not simply an agreement about future growth. We are announcing the first two Staybridge Suites hotels in Parramatta and Leppington from the outset, giving the portfolio immediate momentum in two important Western Sydney growth markets.
“ALAND has substantial development capability and ambition, and we share a clear vision for the opportunity ahead. Bringing that alignment together with IHG’s brands, distribution and enterprise gives us a strong foundation to grow the partnership over the long term.”
“This agreement is an exciting evolution of our partnership with IHG and creates an opportunity to establish a significant new accommodation platform across Australia,” said Andrew Hrsto, founder and CEO, ALAND. “We look forward to bringing the first hotels to Parramatta and Leppington and growing the portfolio nationally.”
Staybridge Suites has 355 open hotels and a further 152 in the pipeline as of June 26.