The chief executive officer of InterContinental Hotels Group (IHG) has revealed the group is "still in the early stages of development", with 50% of its hotels in the pipeline.
Elie Maalouf told Alvarez and Marsal's European Hospitality Investment Conference in London that all 19 of its brands had a high percentage of upcoming openings, "with none less than 20%, and most at 50%" of its current property count.
"Over the last seven years, we've grown from 10 brands to 19 brands," he said. "We have 215 hotels open and nearly 100 in development. This brand is almost 80 years in the making and 50% of our hotels are in the pipeline."
Maalouf said IHG had responded to customer demand by boosting its luxury portfolio, which until 2015 only consisted of InterContinental Hotels & Resorts.
The acquisition of the boutique Kimpton brand in 2015 was also spurred by the trend for "approachable luxury and lifestyle brands", he said.
Maalouf said the industry was "past the revenge travel period" and has now entered a period of "sustainable growth" driven by a rise in corporate business, which makes up "at least 50%" of IHG's bookings.
"People have really demonstrated their desire for travel is irrepressible. The demand for hospitality and travel is more enduring and stronger than before."
He was also positive about the long-term prospects for hospitality investment as office and retail properties were proving less attractive to investors.
Maalouf was previously chief executive of IHG's America business prior to his promotion to group CEO in July.