InterContinental Hotels Group PLC is nearing the acquisition of a luxury brand of hotels, which is expected to generate more income than its Holiday Inn Express brand, Reuters reported, citing CEO Keith Barr.
The hospitality giant was eyeing one or two small luxury brands for purchase in February, with the intention to launch them as a new franchised upmarket brand.
According to Barr, a room in such a hotel would be valued at roughly $50 to $100 per night more than the charge for an InterContinental hotel room. The March 5 report also quoted the executive as saying that a lot of Holiday Inn Expresses would be needed to match the income produced by one of those hotels in a great market.
