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Hotelier sees era of “unprecedented opportunity and sustained growth”
IHG plc said it plans major growth in China, India and the Middle East during the next couple of decades. IHG ceo Andrew Cosslett, whose company's brands include InterContinental, Holiday Inn, Crowne Plaza, Staybridge Suites and Candlewood Suites, said those flags are “wonderfully placed” to take advantage of favorable economic trends those markets.
“Hotel companies need to anticipate trends at least 10-20 years ahead and we know the world is going to be on the move like never before,” Cosslett told financial investors and analysts in London. “The economic empowerment of developing countries and massive growth in business and leisure travel mean we will aim for sustained growth in what could be an era of unprecedented opportunity and sustained growth for the hotel industry.”
In addition, Cosslett said his company's “leading positions in key growth markets, the strength of our brands and our long-term relationships with local partners give IHG a terrific advantage over the competition. We are wonderfully placed to more than double our presence over the next few years in markets such as China, India and the Middle East.”
Here are IHG's predictions and growth goals for those three markets:
* Greater China: IHG believes the Chinese hotel room market will overtake the U.S., which is currently the world's largest, in 2025 and become twice the current US size by 2039. The next 20 years will see almost an eightfold increase in IHG's rooms in Greater China. This means the company will offer 360,000 rooms and its hotel owners will employ 325,000 people (currently the worldwide IHG number) in China alone.
* India: IHG has been in India for 48 years and now aims to treble its size in next three years, opening 150 new hotels by 2020.
* The Middle East: the region's GDP is outpacing the rest of the world and offers superb RevPAR opportunities. IHG plans aims to open 38 new hotels across the region in the next 4-5 years.
Cosslett also noted that “the more established markets such as Europe and the Americas continue to show good growth. This is giving us the firepower to invest, attract owners and make the most of our opportunities around the world.”
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