IHG is forecasting “an era of unprecedented opportunity and sustained growth” for the company as it responds to favourable socio-economic trends in high priority markets like India, as well as China and the Middle East. The company has identified key opportunities in these three markets and, undeterred by indications of oversupply, IHG aims to treble its size in next three years, opening 150 new hotels by 2020. The group also plans an eight-fold increase of room capacity in china over the next two decades based on the presumption China will surpass the US in terms of supply and demand. Meanwhile “superb RevPAR rates” in the Middle East will support the 38 new properties to be opened across the region within the next five years.
Speaking to financial investors and analysts in the City of London yesterday, Andrew Cosslett, IHG’s CEO said; “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. 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.”
With more than 4,500 properties worldwide and 1,200 in the development pipeline, IHG is within its right to feel “wonderfully placed” to take advantage of favourable economic trends in new and emerging markets. Rapidly growing and shifting populations, heavy investment in infrastructure and significant GDP growth are prompting unprecedented increases in domestic and international leisure and business travel within these markets. This is in turn increasing demand for hotel accommodation, especially for larger branded players who are expected to outstrip demand for non-branded hotels by a factor of three.
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