InterContinental Signs 4 New Contracts in China
SHANGHAI, February 24, 2006. InterContinental Hotels Group today announced the signing of four new management contracts with Shanghai Greenland Group, one of the top three real estate and property management companies in China.
The deals include an InterContinental hotel in Nanjing which will be the world's tallest hotel, one Holiday Inn property in Xi'an and two Express by Holiday Inn hotels in Shanghai, representing a total of more than 1,400 rooms. Combined with the recent 4,500 rooms signed in Sichuan on February 15th IHG has now signed almost 6,000 rooms in China in the last 2 weeks.
Andrew Cosslett, Chief Executive, IHG, stated, 'This latest signing with Greenland Group comes hot on the heels of our landmark six-hotel signing in Sichuan with the Chengdu International Exhibition & Convention Group. These back-to-back multiple-property deals with China's leading property developers illustrate our owners' and partners' trust and confidence in us and cement our position as the leading international hotel company in China. We are extremely optimistic about the outlook for the region.'
Added Edmond Ip, IHG's chief operating officer for North Asia, 'This is an exciting time for us. We are sustaining strong growth in China and have been given the opportunity to work with some of the largest and most respected partners in the country. Shanghai Greenland Group is among the top three real estate conglomerates in China and our partnership with them, on multiple properties and hotel brands, is a great honour that reflects their confidence in our ability to deliver exceptional business results.'
Zhang Yu Liang, president, Shanghai Greenland Group, said: 'The Greenland Group is in the midst of a nation-wide expansion and we have great confidence in our cooperation with IHG. Their understanding of the Chinese market, consistently strong growth and broad portfolio of brands catering to different market segments makes them the ideal hotel partner for our newest and most impressive developments.'
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