IHG Announces First Manhattan Staybridge Suites
MAY 23, 2007. IHG (InterContinental Hotels Group) [LON: IHG, NYSE: IHG (ADRs)], the world's largest hotel group by number of rooms, today announced plans for its first Staybridge Suites property in Manhattan. The new 32-story, 310-studio suite extended-stay hotel is anticipated to open during second quarter 2009 and will be located at 334 West 40th Street, two blocks from the Jacob Javits Convention Center. The hotel is owned by Mehta Family, LLC, under a license agreement with a company in the InterContinental Hotels Group.
The Staybridge Suites in Manhattan continues a trend of extended-stay development in urban markets, where demand has increased from both business and leisure travelers. This property follows the announcement of two other major urban market developments for a Candlewood Suites in Manhattan and a Staybridge Suites in downtown Chicago, both scheduled to open in 2008.
"Now that extended stay brands are more well-known and becoming widespread, the urban traveler is asking for extended stay accommodations in major markets as well," said Kirk Kinsell, SVP and chief development officer, the Americas, IHG. "Staybridge Suites and Candlewood Suites both fit the needs of these travelers who want the convenience and feel that extended stay hotels provide."
The growth momentum of IHG's two extended stay brands continues as the Staybridge Suites and Candlewood Suites portfolios expanded by ten hotels and 1,100 guest suites during first quarter 2007. With the recent addition of six Staybridge Suites and four Candlewood Suites properties, the brands are poised to open a combined estimated 60 hotels at record-setting pace by year-end 2007. This would be a combined growth rate of 26 percent for IHG's extended stay brands for 2007 from year-end 2006.
In addition, a combined total of 30 hotel agreements (2,700 suites) for Staybridge Suites and Candlewood Suites were signed during first quarter, broadening their presence in strong extended-stay markets such as Houston, Texas; Milwaukee, Wis.; and Phoenix, Ariz.
During the first quarter 2007, Staybridge Suites Hotels opened properties in the following locations: Tallahassee, Fla.; Indianapolis, Ind.; West Des Moines, Iowa; Mayfield Heights, Ohio; Columbia, Mo.; and Plano, Texas
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