IHG Army Hotels portfolio to reach 39 U.S. military installations1 May, 2013
InterContinental Hotels Group has announced plans to expand its portfolio of IHG Army Hotels. IHG is the exclusive hotel manager and operator of on-post lodging under the Department of the Army's Privatization of Army Lodging (PAL) program, and will add 18 U.S. military installations to its portfolio. In total, there will be 76 hotels and more than 11,000 guest rooms on 39 U.S. military installations upon completion of this third phase of the PAL program.
In addition to the news, word is Bank of America has finalized a long-term $465 million loan to Lend Lease Corp. to aid in the development and renovations of exisiting properties. The new loan replaces $275 million of old debt, held equally by Bank of America and Guggenheim Partners LLC, and establishes BofA as the program's sole lender.
"We are honored to have been selected as a partner in the PAL program and hold the unique position in the hotel industry to serve this special group of guests, who have committed their lives to service and sacrifice for their country," said Kirk Kinsell, president, the Americas, IHG. "Through IHG Army Hotels, and the well-recognized Holiday Inn Express, Candlewood Suites and Staybridge Suites brands, we are able to deliver on-post the consistent, high-quality stay experiences which guests around the world have come to trust and expect from the IHG family of hotel brands."
The PAL program joins together IHG with the U.S. Army and Lend Lease, a leader in public/private community development, as the exclusive asset manager, developer and design builder to deliver on-post lodging for service members, their families and all government travelers.
"We are privileged to partner with the U.S. Army and Lend Lease on the PAL program to deliver IHG Army Hotels, which continues IHG's heritage of innovative firsts in the hospitality industry. We have built our expertise, and inspired the loyalty of millions of guests, through the management and operation of strong hotel brands that continuously adapt to meet the evolving needs of diverse guests," said Arthur Holst, VP, operations, IHG Army Hotels.
External Source : IHG, The Wall Street Journal
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