SINGAPORE IHG has signed a management agreement for the largest Holiday Inn Express hotel in Southeast Asia with RB Capital Hotels Pte. Ltd., a Singapore-based developer.
The hotel is expected to open in the second half of 2013 and will have between 460 and 500 guestrooms, targeting the fast-growing segment of mid-tier corporate and leisure travelers visiting Singapore.
The hotel site is prominently located in Singapore’s Central Business District, close to the Singapore River and the surrounding popular waterfront entertainment hubs. RB Capital Hotels won the tender from the Singapore Urban Redevelopment Authority for the land parcel with a top bid of S$101 million (US$79 million).
“There is great growth potential for a brand like Holiday Inn Express in Singapore, which addresses the need for quality, value-based hotels,” says Jan Smits, managing director of IHG Asia Australasia. “We are seeing rising demand from both corporate and leisure markets for such focused-service lodging options.”
This will be the second Holiday Inn Express in a high-value location in Singapore; IHG signed the first Holiday Inn Express agreement in September. This signing increases the Holiday Inn Express pipeline to 37 in Asia Pacific, and the brand is expected to premier in key Asia markets including Thailand, India and Singapore over the next few years.
Holiday Inn Express is the fastest growing hotel brand in its category, opening on average two hotels a week around the world. There are now more than 2,101 Holiday Inn Express hotels opened and over 500 properties under development globally.