INTERCONTINENTAL Hotel Group (IHG) yesterday announced plans to expand its operations in emerging markets.
IHG said it hopes to cash in on rocketing GDP in China, India and the Middle East by opening hundreds of new hotels. The firm will treble its presence in India by opening 150 new hotels by 2020, and has plans for an almost eight-fold increase in the number of available hotel rooms in China to 360,000 by 2030. This will mean more than doubling the number of employees worldwide.
IHG, which disappointed investors earlier in the month with lower than expected quarterly earnings, also said it will open 38 hotels in the Middle East within five years.
Chief executive Andrew Cosslett told investors: “Hotel companies need to anticipate trends at least 10 to 20 years ahead and we know the world is going to be on the move like never before.”