IHG announces £830M expansion of UK luxury hotel portfolio
Rising demand in the UK luxury market has led to Intercontinental Hotel Group (IHG) to open more than 2,200 rooms across the UK. As such IHG has become the UK’s largest luxury hotel operator, with these new launches a combination of IHG’s five-star Intercontinental and boutique Kimpton brands.
The portfolio was bought by property firm Fonciere des Regions and will be managed by IHG. The 13 city centre hotels, worth £830million, are currently operating under “The Principal’ and ‘De Vere’ brand names:
- The Principal London
- Principal Edinburgh Charlotte Square
- The Principal Edinburgh George Street
- The Principal Met Hotel (Leeds)
- The Principal York
- De Vere Oxford Thames
- The Grand Birmingham The Principal Manchester
- The Principal Blythswood Square (Glasgow)
- The Principal Grand Central (Glasgow)
- The Principal St David’s (Cardiff)
- The Principal Oxford Spires
- De Vere Wotton House
Accountancy firm PWC forecast in March 2018 that a London-specific acceleration in hotel supply could result in more “new rooms opening” than in the last growth peak of 2012. It further notes that record occupancies have been seen in hotels in many parts of the UK so far this year.