IHG and Crocus Group sign deal to build the biggest Holiday Inn in the world
March 11, 2009 // Franchising.com // IHG (InterContinental Hotels Group) and Crocus Group have signed a deal to build the world's biggest Holiday Inn hotel in Moscow, with an investment of more than $100m from Crocus Group.
Under the historic 20 year management contract, construction is scheduled to start on the 1,000 bedroom hotel in 2011 with the hotel set to open in 2014. It will be located in Crocus City in the rapidly developing Krasnogorsk area of Moscow.
There are seven IHG branded hotels open in Russia and a further 13 in the pipeline making IHG the largest international hotel operator in Russia.
This new Holiday Inn in Moscow will have meeting facilities occupying 2,500 square metres, three restaurants and a 1,200 square metre health club.
Kirk Kinsell, president, IHG Europe, Middle East and Africa, said: "Ten years ago we opened our first Holiday Inn in Moscow. In five years we're going to open the world's biggest Holiday Inn in this wonderful city. This deal marks a seminal moment for IHG and shows the progress we are making in this important gateway city."
Kinsell continued: "It's rewarding for us to be able to sign such significant long-term deals with our investment partners in the current economic climate and shows our partners understand the benefits of building IHG branded hotels."
Aras Agalarov, founder and president, Crocus Group, said: "At Crocus, we are always looking to work with partners on innovative and ambitious projects that anticipate and meet the future needs of Russian consumers. The opportunity to create the world's biggest Holiday Inn at Crocus City in Moscow is one of those projects."
Crocus City is a retail and leisure complex occupying 90 hectares, featuring two trade and entertainment venues, three exhibition pavilions and a helipad as well as a world famous upmarket shopping centre.
IHG has seven hotels open in Russia including six Holiday Inn hotels (Holiday Inn Moscow Lesnaya, Holiday Inn Moscow Suschevsky, Holiday Inn Moscow Sokolniki, Holiday Inn Moscow Vinogradovo, Holiday Inn Chelyabinsk Riverside, Holiday Inn Samara) and one Crowne Plaza hotel (Crowne Plaza Moscow World Trade Centre).
IHG has thirteen hotels in the pipeline for Russia including seven Holiday Inn hotels, three Crowne Plaza hotels, two Staybridge Suites and an InterContinental Hotel in Moscow.
The global $1 billion Holiday Inn relaunch is on track for completion by the end of 2010. Close to 600 Holiday Inn and Holiday Inn Express hotels will be operating under the new standards by the end of March. The relaunched hotels are showing increased guest satisfaction scores as well as an uplift in RevPAR.
The next biggest Holiday Inn in the world is the Holiday Inn Chengdu Century City in China at 965 rooms, followed by the Holiday Inn London Kensington Forum in the UK which has 910 rooms including four suites.
Notes to Editors:
InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is the world's largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, more than 4,150 hotels and almost 620,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites®, and also manages the world's largest hotel loyalty programme, Priority Club® Rewards with 42 million members worldwide.
IHG has more than 1,700 hotels in its development pipeline, which will create 200,000 jobs worldwide over the next few years.
InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.