IHG to double China hotel portfolio by 2018
IHG chief executive accompanies British PM on trade mission to China
IHG has confirmed plans to double its number of hotels in China over the next 3 - 5 years and recruit 110,000 staff to further strengthen its position in the region.
The group is already the largest hotel industry employer in Greater China with 200 hotels open, 179 in the pipeline and nearly 60,000 staff across 70 cities in the country.
IHG chief executive Richard Solomons said: “China is IHG’s second largest market after the United States and is likely to surpass the US to become our largest by number of rooms by 2025.
“Having been in China for 30 years, IHG has a deep understanding of the market and of consumers’ needs, and we are confident in its future development prospects. We are committed to continuing to grow in China.”
The announcement came as Solomons joined British Prime Minister David Cameron in a trade mission to China to boost trade ties between the two countries.
David Cameron commented: “IHG's plans to double the number of their hotels across China over the next five years is a great example of how British businesses can benefit from China's growing middle class.”
In 2012, China’s domestic trips reached 2.9 billion, a 10% year-on-year growth and there were 133 million inbound trips, making China the largest domestic and inbound travel destination.
Last year IHG launched new brand HUALUXE Hotels & Resorts, specifically designed for Chinese guests. The first is scheduled to open in 2014, with 21 hotels currently in the pipeline.
The company previously announced its target to locate the brand in more than 100 cities in China and key global gateway cities out with the region.