InterContinental Plans Express by Holiday Inn French Expansion
PARIS, France, June 21, 2006. InterContinental Hotels Group has signed an agreement with Cofis Compagnie Fiduciaire SA, Geneva, to significantly increase its Express by Holiday Inn brand presence in France.
Under the agreement, 11 new Express by Holiday Inn hotels, representing 1,100 rooms, will be built over the next five years in selected key cities across France, reinforcing Express by Holiday Inn's positioning as the fastest growing hotel brand in Europe.
The hotels will all be operated under franchise agreements. The first to be constructed will be in Saint-Nazaire, near Nantes, a 76 room property which will open in December 2007.
Robin Wicks, chief operating officer Holiday Inn brands Europe commented, "This is a significant step to establishing Express by Holiday Inn as a leading hotel brand across France, and to achieving IHG's goal of an adding 50,000 to 60,000 rooms on a net and organic basis globally across all our brands by the end of 2008."
Cofis Compagnie Fiduciaire, Geneva, represents the interests of several private investors who wish to diversify their asset allocation through investments in the hotel industry. In the same context, an investment fund will be launched in the next months.
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