News for the Hospitality Executive
IHG Signs with RB Capital Hotels
to Open Southeast Asia’s Largest
Singapore, November 9, 2010 – IHG (InterContinental Hotels Group) has signed a management agreement for the largest Holiday Inn Express hotel in Southeast Asia with RB Capital Hotels Pte Ltd, a Singapore-based property and real estate developer.
The hotel is expected to open in the second half of 2013 and will have between 460 to 500 rooms, styled to best serve the priority preferences of the fast-growing mid-tier corporate and leisure travellers transiting Singapore.
The hotel site is prominently located in Singapore’s Central Business District, close to the Singapore River and the surrounding popular waterfront entertainment hubs.
RB Capital Hotels won the tender from the Singapore Urban Redevelopment Authority for the 0.55 hectre land parcel (5,502 sqm) with a top bid of SGD $101.113 million. The high-value and prominent site attracted tenders from leading property developers in a public bid held in August this year.
Kishin R K, who heads RB Capital Group and RB Capital Hotels said, "Holiday Inn Express caters to a growing demand from both leisure and business travellers looking for comfort, convenience and value. The Holiday Inn Express we are developing will feature well-designed rooms and a fresh, hip product relevant to today’s guests. Also included within the development will be a full suite of dining, gym and recreational facilities our guests can enjoy.”
When opened, guests will benefit from its ideal location – the Holiday Inn Express is within walking distance to the retail, dining and entertaining options at Singapore’s waterfront hot spots. It is also a five-minute drive to Raffles Place and the Orchard Road shopping belt, and easily accessible by various public transportation options.
“There is great growth potential for a brand like Holiday Inn Express in Singapore, which addresses the need for quality, value-based hotels. We are seeing rising demand from both corporate and leisure markets for such focused service lodging options,” said Jan Smits, Managing Director, IHG Asia Australasia.
“Our relationship with RB Capital Hotels has given us the opportunity to bring Holiday Inn Express to one of Singapore’s most prominent and popular areas for both corporate and leisure travellers,” Jan added.
RB Capital Hotels is the new third ‘business engine’ of RB Capital Pte Ltd, a property investment and development group in Asia. The Group owns and manages office and retail developments and has offices in Singapore, Malaysia and Hong Kong.
This will be the second Holiday Inn Express in a high-value location in Singapore. IHG signed the first Holiday Inn Express agreement in September. The hotel will open on Orchard Road by 2013. This signing increases the Holiday Inn Express pipeline to 37 in Asia Pacific. The brand is expected to premier in key Asian markets including Thailand, India and Singapore over the next few years.
Holiday Inn Express is the fastest growing hotel brand in its category, opening on average two hotels a week around the world. There are now than 2,101 Holiday Inn Express hotels opened and over 500 properties under development globally.
InterContinental Hotels Group (IHG) [LON: IHG, NYSE:IHG (ADRs)] is the world’s largest hotel group by number of rooms. IHG franchises, leases, manages or owns, through various subsidiaries, over 4,500 hotels and more than 650,000 guest rooms in 100 countries and territories around the world. The Group owns a portfolio of well recognized and respected hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites® and also manages the world’s largest hotel loyalty program, Priority Club® Rewards with 52 million members worldwide.
IHG has over 1,300 hotels in its development pipeline, which will create 160,000 jobs worldwide over the next few years.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.
IHG offers information and online reservations for all its hotel brands at www.ihg.com information for the Priority Club Rewards program at www.priorityclub.com. For the latest news from IHG, visit our online Press Office at www.ihg.com/media
About RB Capital
RB Capital Pte Ltd is a property investment and development group in Asia. The Group develops, owns and manages office and retail developments and has offices in Singapore, Malaysia and Hong Kong. In 2009, RB Capital successfully launched the Cuppage Terrace development in Orchard Road, the EFG Bank Building in Singapore and 33 Jalan Sultan Ismail, which houses the HSBC headquarters in Kuala Lumpur. Recently the group has ventured into the hospitality industry with RB Capital Hotels Pte Ltd.
For more information, please visit http://www.rbcapital.com.sg
IHG Asia Australasia
+65 6395 6109
Ip Wai Yin
GolinHarris / RB Capital
+65 6551 5426
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