Finance in place for Spanish expansion
Monday 8th December 2003 13:28
The InterContinental Hotels group has signed a development agreement with Midland Iberia to finance the construction of as many as 20 new Express by Holiday Inn hotels in Spain within the next six years.
Midland Iberia is a young Spanish investment company which is investing more than €130m (£90.5m) to roll out the Express by Holiday Inn brand in key cities across Spain.
This latest deal reinforces expansion plans for Express by Holiday Inn throughout Europe, with a strong focus on the UK, Spain and Germany. This is the second key franchise deal for Spain, following the Med Group's planned expansion of 20 new hotels, signed in 2002.
Alfred Gilbert, InterContinental Hotels' development director for Spain and Portugal, said: "We are delighted to have formed another key relationship for our expansion in Spain. The new partnership will help drive our overall development strategy for Express by Holiday Inn in Spain with plans to open more than 60 hotels."
There are five Express by Holiday Inn hotels in Spain with new openings imminent in Madrid, Zaragoza, Valencia and Barcelona. The brand has 80 hotels in the UK.