InterContinental Hotel Group (IHG) announced that international investment company, Pro Invest Group, established a $150-million fund to develop a portfolio of 15 Holiday Inn Express hotels across Australia.
Pro Invest created a property development and hotel operating company to build and operate an initial 15 Holiday Inn Express hotels, totaling approximately 2,100 rooms, in central business, suburban and airport locations in Sydney, Melbourne, Perth and Brisbane. IHG will enter into franchise agreements for each of the hotels under a multiple development agreement signed between the two companies.
Holiday Inn Express targets value-conscious business and leisure travellers.
The first hotel will open at Macquarie Park in North Ryde, Sydney in the autumn of 2014. Holiday Inn Express North Ryde will offer 190 rooms to meet the growing demand from the local business community for quality accommodation at a smart price.
There are currently 30 hotels open, operating under IHG's InterContinental Hotels & Resorts, Crowne Plaza and Holiday Inn brands in Australia. First launched in 1991, the Holiday Inn Express brand has now grown to more than 2,200 hotels worldwide, the biggest brand within the IHG estate. A further 450 hotels are due to open in the next three to five years.
IHG franchises, leases, manages or owns over 4,600 hotels and more than 674,000 guest rooms in nearly 100 countries and territories. With more than 1,000 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years.