June 25, 2009 // Franchising.com // Atlanta - Even in today's challenging marketplace, IHG's upscale brand, Crowne Plaza® Hotels & Resorts, is undergoing a resurgence of its Americas hotel portfolio through the investment of a quarter billion dollars in major renovations by hotel owners through the end of 2009.
Accommodating both the business traveler and the leisure traveler, Crowne Plaza has become one of the fastest-growing upscale brands in the world.
"We've seen a period of incredible growth over the past few years, mostly with conversion properties," said Gina LaBarre, vice president, Brand Management, Crowne Plaza Hotels & Resort-the Americas. "To become even stronger players in the market, we're elevating the brand a step further through a resurgence of major property renovations."
By the end of 2009 it's expected that up to 50 percent of today's Crowne Plaza portfolio will be completely renovated.
"While our portfolio is becoming more contemporary and upscale, our hotels continue to offer amenities and services at an affordable price, without over-the-top luxuries," LaBarre added. "Guests see this as great value and owners see a return on their investment."
Approaching its twenty-year anniversary, the Crowne Plaza in New York City's Times Square recently underwent an astonishing $85 million renovation.
"The hotel has been able to achieve double digit RevPAR Index gains every month in 2009," said Nan Molofsky, senior vice president, City Investment Fund, the ownership group for the hotel.
The Crowne Plaza Old Town Alexandria in Washington, D.C., completed renovations in March 2008 and has seen proof that modernization is key in stealing share from competitors.
"We renovated our guest rooms, meeting space, restaurant and lobby," said Hammad Shah, vice president, Asset Management, Carr Hospitality. "After just one year we have seen 11 straight months of positive RevPAR Index growth."
Under the strength of the Holiday Inn franchise, Crowne Plaza Hotels & Resorts was established in 1983 to become the upscale hotel brand for IHG then known as Holiday Inn Worldwide. IHG ultimately differentiated Crowne Plaza by making a significant investment in key hallmarks that set the brand apart from its competitors. THE Place to Meet® positioning launched in 2003, the Sleep Advantage® Program in 2004 and its sponsorship of the longest-running tournament on the PGA TOUR, the Crowne Plaza Invitational at Colonial, in 2007. The brand continues to distinguish itself in the marketplace with a surge of property modernizations. With more than 50 Crowne Plaza hotels currently going through some form of resurgence, others will soon follow, ultimately modernizing the entire Americas portfolio.
As part of the IHG global portfolio, Crowne Plaza Hotels & Resorts has almost 350 hotels worldwide, and are located in major urban centers, gateway cities and resort destinations.
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, over 4,200 hotels and more than 620,000 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, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Club Vacations, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites®, and also manages the world's largest hotel loyalty program, Priority Club® Rewards with 43 million members worldwide.
IHG has nearly 1,700 hotels in its development pipeline, which will create around 140,000 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.