Intercontinental Hotels Group is set to unveil a new all-suites brand this year, targeting an $18 billion industry segment that has seen strong growth in recent years.
The group confirmed plans for the new upper midscale brand within its 2018 full-year results presentation, where it reported operating profits of $816 million, up 8 percent on 2017.
IHG said the launch would build on “existing mainstream strength,” in an industry segment with has seen a 70 percent increase in room supply in the last four years, driven by strong guest and owner demand.
The group already operates extended stay brands Candlewood Suites and Staybridge Suites.
No further details were given regarding the planned launch, although hotelnewsnow.com quotes IHG’s CEO Keith Barr as saying that the brand will be priced “around the rate of Staybridge Suites”, with a focus on new-builds.
Last year the group acquired luxury hotel chain Regent Hotels, and earlier this month it announced plans to purchase Thailand-based Six Senses Hotels, Resorts and Spas for $300 million.