Agreements for New Build Staybridge Suites
|ATLANTA, April 6, 2005 - InterContinental Hotels Group (NYSE: IHG;
London) (ADRs) (IHG) announces the launch of Staybridge Suites in the UK,
making it the first major hotel company to launch an extended stay brand
in the UK.
The launch is marked by the signing of two separate management agreements to develop Staybridge Suites with Stay Investments Ltd. and The Splendid Hotel Group. The first new-build, 124-room Staybridge Suites will open in Brentford, London in late 2006. The hotel will be managed by IHG under a 20-year management agreement with Stay Investments Ltd. The second new-build 113-room Staybridge Suites will open in South Bank, London, in late 2006. The hotel will be managed by IHG for the first three years before switching to a 17-year franchise agreement with The Splendid Hotel Group.
"We are thrilled to be making this bold move into the UK with the Staybridge Suites brand. The extended stay market in the US is one of the fastest growing segments in the industry and we believe that this trend will follow in the UK, where we aim to be the market leader," said Jim Anhut, senior vice president, brand development for the Americas. "We will utilize the infrastructure and expertise we already have in place to penetrate the UK market, illustrating the strength of IHG operating a family of brands in key markets across the globe," said Anhut.
Staybridge Suites, one of seven brands that IHG operates globally, has 79 hotels in North America and 52 hotels in the pipeline, making it one of the fastest growing extended stay brands in the US.
"The introduction of the Staybridge Suites hotel concept to the UK market signals the strength and performance of the Staybridge Suites brand in the US and the viability of the extended stay segment overall," said Robert Radomski, vice president of brand management, Staybridge Suites. "In the US, our proven success with the Staybridge Suites brand includes strong growth and development that is outpacing our segment's average, consecutive monthly RevPAR gains, and high customer satisfaction scores. We are optimistic that we will duplicate this success in the UK," said Radomski.
While there are some brands in the UK offering "extended-space," there are none catering to the specific needs of an extended stay traveler by providing flexible accommodations and the amenities and services demanded by this type of guest. IHG will be the first global hotel operator to enter this sector and focus solely on this core group of travelers, which averages stays of five or more consecutive nights.
Staybridge Suites UK will offer spacious one-bedroom and studio suites fully equipped with the extended stay business traveler in mind. The modern interior design will be a familiar residential-style environment, featuring wood flooring and furniture plus 'easy chairs' to ensure that 'home-like' feel. Rooms will include a desk and ergonomic chair with ample space for working, high-speed internet access, flat screen TV's and a kitchen area including oven, refrigerator, dishwasher, microwave and all necessary utensils for preparing meals.
The 'residential' environment will set the new hotel concept apart from other brands in the UK. Standard Staybridge Suites brand services will include: complimentary evening receptions and daily afternoon cookies, a food pantry with convenience foods for purchase, and a grocery shopping service. Additional offerings will include a continental breakfast, fitness center and guest laundry room, all of which are complimentary.
While there is no minimum length of stay, Staybridge Suites will gives guests a greater value for longer stays. Staybridge Suites hotels will be built in highly concentrated business areas in the largest UK cities.
InterContinental Hotels Group
|Also See:||First Staybridge Suites Now Open; Nine More Under Construction / Feb 1999|
|InterContinental Hotels Group PLC Sells 16 Staybridge Suites' Hotels to Hospitality Properties Trust for $185 million Cash / July 2003|
|InterContinental Hotels Group to Acquire the Candlewood Suites Brand for $15 million in Cash / October 2003|
|Staybridge Suites Hotels Opens Hotels in New Orleans and Cranbury, NJ; The $19 million New Orleans Property is the Largest Staybridge Suites Hotel in North America / February 2004|