IHG® To Open Intercontinental In Rome As The Luxury Hotel Brand Returns To Italy
June 04, 2020 // Franchising.com // InterContinental Hotels Group (IHG®) announces the signing of a franchise agreement with Westmont Hospitality Group and funds managed by Oaktree Capital Management, L.P. (“Oaktree”), for a captivating property in the heart of Rome.
A multi-million-euro investment is behind IHG’s plans to open InterContinental Rome in 2022, marking a welcome sign of confidence in the Italian tourism industry at this challenging time.
The luxury hotel will be set on the iconic Via Veneto, in the Ludovisi area of the city, close to the Villa Borghese. The existing property - which includes 160 rooms and suites, a restaurant, bar, spa and public areas - will be restored to create a sense of discreet, modern luxury for visitors and locals alike.
Designed in the early 1900s by architect Carlo Busiri Vici in the neo-renaissance style, the palazzo building was originally home to ambassadors staying in Rome, opening as a hotel in 1993. Guests will benefit from its proximity to the city’s wealth of art and history, thanks to a prime position less than a kilometre walk from the Galleria Borghese, the Spanish Steps and the Trevi Fountain. The hotel can be easily reached from Rome’s Ciampino or Fiumicino international airports and is less than 10 minutes from the city’s main rail station.
IHG joins a strong consortium including the US-based fund, Oaktree, Westmont Hospitality Group, strategic investment partner and operator, and UniCredit S.p.A, the project’s senior lending bank. The project is held by a newly established real estate investment fund managed by Milan-based Castello SGR, one of Italy’s premier real estate management companies.
Willemijn Geels, Vice President of Development, Europe, IHG, commented: “The signing of an InterContinental in Rome represents an important moment in the growth of our luxury portfolio and brand presence across Europe. In these challenging and unprecedented times, this signing shows the continued trust our Owners and partners place in IHG and our brands. We are delighted to partner with Oaktree Capital and Westmont Hospitality Group and look forward to offering InterContinental guests a rich and unforgettable experience in the Eternal City.”
Alfredo Maria De Falco, Deputy Head of CIB and Head of CIB Italy at UniCredit, commented: “Confirmation by primary international investors of their commitment to Italy even in this difficult time is a strong signal of the country's unimpaired attractiveness as a cultural, tourist and business destination. UniCredit is a strategic partner for the development of large real estate projects and we are happy to support this important initiative in a sector, such as the luxury hotel industry, which can be a driving force for the recovery of tourism in Italy.”
InterContinental Hotels & Resorts is the world’s largest luxury travel hotel brand. Each of its 213 hotels is a destination in its own right with a distinctive style and ambience, from historic buildings to city landmarks and immersive resorts in every corner of the globe. The InterContinental in Rome will join a family of 34 iconic InterContinental properties in Europe, including InterContinental London - Park Lane, InterContinental Paris – Le Grand and InterContinental Berlin, many of which are undergoing multi-million-euro refurbishment programmes.
This announcement comes weeks after the signing of the Six Senses Rome, which is set to open in late 2021. IHG currently has 44 luxury hotels in Europe, with another 17 luxury hotels in the pipeline to open in the next 3-5 years. In Italy IHG has a portfolio of 29 hotels – across brands including Hotel Indigo, Crowne Plaza, Holiday Inn and Holiday Inn Express - and further four in the pipeline.* These recent signings in Rome are the latest in a string of developments for IHG’s global luxury portfolio, including InterContinental Khao Yai Swan Lake Resort in Central Thailand, InterContinental Chiang Mai Mae Ping Hotel and Regent Shanghai Pudong.
*As of 31 March 2020
IHG® (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental® Hotels & Resorts, Kimpton® Hotels & Restaurants, Hotel Indigo®, EVEN Hotels®, HUALUXE® Hotels and Resorts, Crowne Plaza® Hotels & Resorts, voco™, Holiday Inn® Hotels & Resorts, Holiday Inn Express®, Holiday Inn Club Vacations®, avid™ hotels, Staybridge Suites®, Atwell Suites™ and Candlewood Suites®.
IHG franchises, leases, manages or owns approximately 5,900 hotels and nearly 882,000 guest rooms in more than 100 countries, with over 2,000 hotels in its development pipeline. IHG also manages IHG® Rewards Club, our global loyalty programme, which has more than 100 million enrolled members.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales. More than 400,000 people work across IHG's hotels and corporate offices globally.
Oaktree is a leader among global investment managers specializing in alternative investments, with $125 billion in assets under management as of December 31, 2019. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 950 employees and offices in 19 cities worldwide.
About Westmont Hospitality Group
Westmont Hospitality Group is one of the world’s largest private owner operators of hotels with more than 500 properties encompassing nearly 56,000 rooms across North America, Europe, Africa, and Asia. Since its creation in 1975, the firm has held ownership interests and operated over 1,000 hotels.
Westmont has formed strategic alliances with many of the world’s largest hotel brands including, but not limited to, InterContinental Hotels Group (IHG), Hilton, Marriott, Hyatt, Accor, and Choice Hotels.
Westmont has a diversified portfolio ranging from 2–5 star properties, full service to limited service business hotels, large conference hotels, aparthotels, boutique hotels and high-end luxury hotels.
Westmont has been investing alongside institutional partners since 1995, representing over $9 billion invested capital in the U.S., Europe, Africa, and Asia.
SOURCE IHG® (InterContinental Hotels Group)
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