InterContinental Hotels Group plans to increase the net number of rooms opened each year from fewer than 10,000 to 50,000-60,000 by 2008.
It will seek new management contracts and franchise agreements and it is investigating ways of entering the economy hotel sector. The company is looking at buying a “premium economy” hotel concept a notch below its Holiday Inn Express chain.
The group sold 82 hotels during the first half. It plans to sell another £600m of assets.
References: Financial Times 09/09/05 page 20 (Lex), page 22, The Times 09/09/05 page 58 (Need to Know), page 60, page 73 (Tempus), The Daily Telegraph 09/09/05 page 38, The Independent 09/09/05 page 57
