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InterContinental Hotels Group launches new upscale brand

InterContinental Hotels Group PLC launched a new upscale hotel brand called voco, aimed at building on the company's presence in the upscale market.

The new brand will seek conversion opportunities among high-quality individual and locally branded hotels. Property owners will be able to take advantage of InterContinental's revenue management and technology capabilities, in addition to its loyalty program IHG Rewards Club.

InterContinental expects to open more than 200 hotels under the new brand in the next 10 years, starting in Europe, the Middle East, Asia and Africa. InterContinental said its deal with Covivio, formerly Foncière des Régions, to rebrand and operate 12 open hotels and one pipeline hotel will "establish an important presence for voco" in the U.K., as "a number" of these properties will convert to the voco brand in the coming months.

The hotelier signed to the new brand the 388-room Watermark Hotel & Spa Gold Coast in Surfers Paradise, Australia. SB&G Hotel Group Pty Ltd is planning to acquire the property, which is slated to open in late 2018.