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Intercontinental Hotels Group (IHG), the owner of Express by Holiday Inn brand, says it has signed a 20-hotel franchise agreement with British investment group Zinnia Hotels Properties Holdings.
A total investment of ”180m ($264.7m) by the investment group is anticipated, effectively doubling IHG concentration of Express by Holiday Inn Brands in Spain.
IHG currently has 15 Express by Holiday Inn hotels within Spain, including a property at Madrid Airport which was unveiled in September this year.
In addition to the agreement with Zinnia Hotel Properties, another six hotels are in the pipeline.
”The increasing preference for our brands is driving signings” pace, which is why globally we are opening on average one hotel a day and signing two, and why we have a healthy development pipeline in Spain.” said IHG president, Kirk Kinsell.
The news follows the recent announcement of the worldwide re-launch of Holiday Inn, with the aim to create a new contemporary brand image with the re-launch of the logo.
Kinsell added, ”Express by Holiday Inn has proved a very strong performing brand since its 1991 launch, and the re-launch will allow owners to generate an enhanced return on their investment.”
”While branded hotel rooms account for almost 40% of the total room supply in Spain, hotel franchising remains relatively in its infancy within this market, despite its success as a business model in other Spanish industries.” commented IHG director of development for Spain and Portugal, Hylko Versteeg.
Cities in Spain expected to be the locations of the new hotels in Spain are Algeciras, Barcelona. Bilbao, Logrono, Madrid, Oviedo, Seville and Vigo. Bilbao is due to be the first of the 20 new-build properties to open in late 2009.