InterContinental Hotels Group Announces Agreement With Hospitality Properties Trust to Convert 14 Summerfield Suites to Staybridge Suites Hotels
ATLANTA, InterContinental Hotels Group
This transaction, which follows the announcement in July 2003 of HPT's purchase of 16 Staybridge Suites from IHG, means that HPT will own 30 Staybridge Suites properties - all managed by IHG. As part of this agreement, HPT has committed to investing $20m towards the refurbishment and modernization of the hotels.
Commenting on the transaction Richard North, chief executive, InterContinental Hotels Group said:
"Extending the network of our high-quality, strongly differentiated brands is a top priority for InterContinental Hotels Group. This transaction allows us to further increase the distribution of our Staybridge Suites brand and gives us a presence in a number of important new locations in the US."
Steve Porter, president, InterContinental Hotels Group, the Americas, added: "The Staybridge Suites brand has grown at a record pace since we introduced it five years ago and the addition of these properties further accelerates that growth."
Continued Porter, "We are very pleased that HPT has appointed IHG to manage their entire Staybridge Suites portfolio, reflecting the solid performance of our management team. HPT is one of the strongest and most respected real estate investment trusts in the market, and we are delighted to continue strengthening our relationship with them."
The 14 hotels planned for conversion are located in desirable, geographically diverse markets throughout the Americas including northern and southern California, central and northern New Jersey, and Orlando, Florida, which have no Staybridge Suites representation at present. Staybridge Suites will now be located in over 50 key markets.
Staybridge Suites is IHG's organically developed upmarket extended stay brand offering self-catering services and amenities designed specifically for those on extended travel. There are now 57(including Sao Paulo, Brazil) Staybridge Suites hotels open, all of which are located in the Americas, representing approximately 1% of IHG's total rooms. These properties are now split 4 owned and leased, 18 managed and 35 franchised.
InterContinental Hotels Group PLC of the United Kingdom IHG (ADRs), owns, manages, leases or franchises, through various subsidiaries, more than 3,300 hotels and 515,000 guest rooms in nearly 100 countries and territories around the world ( ). The Group owns a portfolio of well-recognized and respected hotel brands, including InterContinental Hotels & Resorts, Crowne Plaza Hotels & Resorts, Holiday Inn, Holiday Inn Express, and Staybridge Suites, and also has a controlling interest in Britvic, the second largest soft drinks manufacturer in the UK.
InterContinental Hotels Group offers information and reservations capability on the Internet – for InterContinental Hotels & Resorts, www.crowneplaza.com for Crowne Plaza Hotels & Resorts, www.holiday-inn.com for Holiday Inn hotels, for Holiday Inn Express hotels, www.staybridge.com for Staybridge Suites by Holiday Inn hotels and, for the Group's rewards program, www.priorityclub.com. For the latest news from InterContinental Hotels Group, visit our online Press Office at .
Hospitality Properties Trust is a real estate investment trust headquartered in Newton, Massachusetts, USA, which owns 274 hotels located throughout the United States.
Carolyn Hergert
+1-770-604-8248
IHG
