IHG plans 500-hotel three-star brand

InterContinental Hotels Group plans to launch a new three-star brand just below Holiday Inn, targeting an estate of 500 hotels over the next decade. The company has yet to unveil the name but will build the brand by converting existing middle-ranking or midscale hotels. IHG said it expected the new conversion brand to grow to an estate of 1,000 hotels over the next 20 years. Elie Maalouf, IHG chief executive, said the new brand had already received interest from 100 hotel owners attracted by the less prescriptive brand standards. IHG has 18 brands deployed across 6,227 hotels in more than 100 countries, plus a further 1,900 hotels in the development pipeline. It no longer owns any hotels, instead collecting fees for franchising, leasing and managing the properties. The Times (£)