15th Feb 2006 07:02
InterContinental Hotels Group PLC15 February 2006 15 February 2006 INTERCONTINENTAL HOTELS GROUP SIGNS MORE THAN 4,500 ROOMS IN CHINA London, February 15, 2006 - InterContinental Hotels Group ("IHG") announces thatit has signed contracts with a single owner to manage six new hotels (more than4,500 rooms) in Chengdu and Jiuzhaigou in China's Sichuan province. This landmark signing in Sichuan, China's second most populous province withover 90 million residents, marks a significant addition to IHG's already strongportfolio of ca. 50 hotels in Greater China and supports the Group's target ofadding 50,000 - 60,000 net rooms by the end of 2008, including reaching a totalof 125 hotels in China. With a presence in China since 1984 and already thelargest international hotel operator there, IHG is well placed to grow in thisdynamic market. The six hotels - two InterContinental properties, three Holiday Inn propertiesand one Express by Holiday Inn - comprise a total of more than 4,500 rooms. Theowner of the properties is Chengdu International Exhibition & Convention Group. Andrew Cosslett, Chief Executive, IHG, who was in Chengdu for the signing, said: "Developing hotels in China lies at the heart of our growth strategy for IHG.Our brands have a strong foothold in the region and Holiday Inn was one of thefirst international hotel brands to establish a presence there in 1984. Thisdeal marks a major milestone as we move towards meeting our aggressive growthplans and we remain fully committed to maintaining our position as the leadinghotel company in China." Detailed Notes 1. Hotels to open are: a. In Chengdu City, as part of the new RMB 5 billion (US$620 million) NewCentury City international convention and exhibition centre, incorporatingshopping, entertainment, offices, residences and a golf course: • InterContinental Century City Chengdu, an upscale business hotel thatwill combine the latest communication and business technologies, high-end foodand beverage options and conference facilities. • Two Holiday Inn properties offering quality accommodation and businesssupport services. b. At the Jiuzhaigou Scenic Area, as part of Jiuzhai Paradise, hailed asthe 'Davos of China': • InterContinental Resort Jiuzhai Paradise, an upscale hotel with eightFood & Beverage outlets and extensive conference and recreational facilities. • Holiday Inn Jiuzhai Jarpo, a mid-scale hotel, with business servicesand spa facilities. • Express by Holiday Inn Jiuzhai Jarpo, a limited-service hotel,targeted at the convenience sector. 2. The owner of these properties will be the Chengdu International Exhibition &Convention Group which also has extensive interests in exhibitions andconventions, hotels, travel agencies and real estate. The Group commands morethan 70% market share for exhibitions and conventions in Chengdu and had totalrevenues of RMB2.2 billion (US$265 million) in 2005. The first stage of the NewCentury City project in Chengdu is scheduled for completion in the first half of2006. For further information, please contact: Investor Relations (Gavin Flynn, Paul Edgecliffe-Johnson): +44 (0) 1753 410 176 +44 (0) 7808 098 972Media Enquiries (Leslie McGibbon): +44 (0) 1753 410 425 +44 (0) 7808 094 471 Note to Editors: InterContinental Hotels Group PLC of the United Kingdom (LON:IHG, NYSE:IHG(ADRs)) is the world's largest hotel group by number of rooms. InterContinentalHotels Group owns, manages, leases or franchises, through various subsidiaries,almost 3,600 hotels and 539,000 guest rooms in nearly 100 countries andterritories around the world. The Group owns a portfolio of well recognised andrespected hotel brands including InterContinental(R) Hotels & Resorts, CrownePlaza(R) Hotels & Resorts, Holiday Inn(R) Hotels and Resorts, Holiday InnExpress(R), Staybridge Suites(R), Candlewood Suites(R) and Hotel IndigoTM, andalso manages the world's largest hotel loyalty programme, Priority Club(R)Rewards. InterContinental Hotels Group offers information and online reservations for allits hotel brands at www.ichotelsgroup.com and information for the Priority ClubRewards programme at www.priorityclub.com. For the latest news from InterContinental Hotels Group, visit our online PressOffice at www.ihgplc.com/media. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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