InterContinental Signs Multi-Deal Agreement for Express by Holiday Inn in Portugal
OCTOBER 26, 2006. InterContinental Hotels Group (IHG) has signed a multi-deal development agreement with Palminvest SA, to significantly increase its Express by Holiday Inn brand in Portugal and Northern Spain.
Under the agreement, seven new Express by Holiday Inn hotels, representing more than 900 additional rooms, will be developed over the next five years in key cities principally across Portugal, but also in Galicia in Northern Spain. This announcement reinforces Express by Holiday Inn's positioning as the fastest growing hotel brand in Europe.
The hotels will all be operated under franchise agreements. Two projects are already underway; one in Porto, a new build 134 room hotel, and a 119 room Express by Holiday Inn at Lisbon Airport. These hotels are anticipated to open in early 2008. The other development proposals include additional hotels in Lisbon, Porto, Faro and the area of Leiria / Coimbra in Portugal, and one in the city of Vigo in Galicia, Northern Spain.
Robin Wicks, chief operating officer Holiday Inn brands Europe commented,
'This agreement is a significant step towards helping us establish the Express by Holiday Inn brand in Portugal. It will also contribute towards IHG's goal of adding 50,000 to 60,000 rooms on a net and organic basis globally across all our brands by the end of 2008.'
Mr Anibal Beir~ao, Director of Palminvest SA, said: 'We are excited by the agreement with IHG for the development of Express by Holiday Inn in Portugal and Northern Spain. Dynamic Hotels is the consultant company appointed by Palminvest to support the rollout of this agreement."
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