InterContinental Hotels Group (IHG), the world's largest hotel operator, today revealed it is set to beat its new rooms opening target this year after adding 28,848 new rooms in 2007.
IHG has a target of 50,000-60,000 new rooms by the end of 2008 and has already signed up 47,419 rooms of its three and a half year target.
The franchised hotel operator, which owns the InterContinental, Crowne Plaza and Holiday Inn brands, said the number of rooms in its system grew by a 5% and its global revpar increased by 7%.
Andrew Cosslett, chief executive, said: "We signed almost 900 hotels into our development pipeline during the year, more than three times the number signed in 2003, our first year as an independent company.
"We have the biggest development pipeline in the industry and this will deliver another high level of hotel openings in 2008. With our broadly based portfolio of brands and our resilient fee based business model we are positioned well for future growth in what is now a less predictable economic environment."
Cosslett added that the response from franchisees and hotel owners for its £1b worldwide refurbishment programme of the Holiday Inn brand had been well received.
The first revamped hotel is set to open in the spring while the re-brand will be fully implemented by 2010.
By Christopher Walton
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