BEIJING: InterContinental Hotels Group is planning to launch a new brand in China, a market it believes should become the world's largest within the next 20 years.
The company, which owns the Crowne Plaza, Staybridge and Holiday Inn networks, is seeking to expand its presence in several fast-growth economies.
More specifically, IHG predicts China might emerge as the largest hotel market globally in 2025, and will double current US revenues in 2039.
Given such positive trends, the organisation hopes to create a premium accommodation chain in the country by the close of 2011.
While this reflects broader international efforts, Andrew Cosslett, chief executive of InterContinental Hotels, suggested a bespoke approach was sometimes the best option.
"We have got seven brands, most of our competitors have 14 or 15. You could say it is about catching up," he argued on a conference call.
"We don't need a global brand all the time."
Among IHG's other possible initiatives in China is forming an alliance with the Industrial and Commercial Bank of China to establish Holiday Inn Express sites beyond the capital, Beijing.
Data sourced from Financial Times and Wall Street Journal; additional content by Warc staff