Icon changes hands. InterContinental Hotels Group has announced the completion of the sale of InterContinental Hong Kong to Supreme Key Ltd., a consortium of investors advised and managed by Gaw Capital Partners. IHG will continue to manage the hotel under a long-term management contract. Gross disposal proceeds of US$929 million have been received in cash, after initial working capital adjustments.
IHG in Munich. InterContinental Hotels Group has announced the signing of a dual branded hotel development in Munich, Germany. The two hotels – the 118-room Holiday Inn Munich City – East and the 189-room Holiday Inn Express Munich City – East will operate under a franchise agreement with Primestar Hotel Group and is due to open in early 2018.
Hilton grows in KL. I-Bhd has appointed Hilton Worldwide to operate its upcoming RM250 million (US$56 million), 300-room DoubleTree by Hilton in Kuala Lumpur expected to open in 2018. It will be the second of three hotels to be included in i-City’s RM3bil investment plan to boost the reputation of the development as a formidable business-cum-leisure hub in the western corridor of Greater Kuala Lumpur.
Does Airbnb matter? Reuters reports that Airbnb is expected to double its nightly bookings this year, investors familiar with the company’s performance said. The website is expected to have about 80 million nights booked this year, up from about 40 million in 2014.
Read The Reuters story for more
Starwood milestone. With the recent openings of Four Points Istanbul Dudullu (Turkey); Four Points Seoul, Namsan (South Korea); Four Points Bali, Kuta (Indonesia); and Four Points Moncton (Canada), the Starwood Hotels & Resorts Worldwide brand has crossed the 200th hotel milestone worldwide. Starwood plans to open 12 additional Four Points hotels by the end of the year and executives said the brand is on track to expand its portfolio of rooms by nearly 60% in the next five years.