SINGAPORE, 18 March 2024: IHG Hotels & Resorts has reached 1,012 open hotels in Asia Pacific (APAC) – a major milestone for the global hospitality company as it accelerates its growth.
Commenting on exceeding the 1,000-hotel milestone, IHG SVP & Managing Director, East Asia & Pacific Rajit Sukumaran noted that more than 700 hotels were in Greater China, including Hong Kong and Macao.
“We’re also investing in our six luxury and lifestyle brands, which account for 22% of our global pipeline, around twice the amount five years ago,” said Sukumaran. “We have built up a strong presence in this segment in the region, with 45% of the global luxury and lifestyle pipeline in APAC. It is home to about 60% of our InterContinental brand’s global pipeline and iconic award-winning hotels across Six Senses and Regent.
The APAC region is poised to see the most rapid growth in passenger traffic globally over the long term, and newly relaxed travel arrangements – including visa-waiver agreements between countries and the creation of new flight routes and airlines– are boosting demand for hotel stays in APAC. IHG has an expanding pipeline of 705 hotels in 22 countries across 13 brands, with 37 upcoming hotels in Thailand alone.
Business travel bookings, including for groups and meetings, are also on the up. APAC accounts for the largest share of global business travel spend and is poised to reach USD800 billion by 2027. This includes the return of large conferences and events, such as the upcoming World Business Forum in Singapore
Sukumaran added: “It’s an exciting time for IHG in APAC. The strong performance of our hotels over the past year has strengthened owners’ appetite for continued investment in the hospitality industry.
“Industry statistics show a strong construction pipeline of over 5,700 projects across the region, with over 1,200 to open this year alone in the hospitality sector. This includes 150 projects in Thailand.”
