by Donald Wood
Last updated: 12:55 AM ET, Tue November 22, 2022
InterContinental Hotels Group (IHG) announced it had reached a long-term commercial agreement with Iberostar Hotels & Resorts for resort and all-inclusive hotels.
As part of the partnership, Iberostar will retain 100 percent ownership and add up to 70 hotels-around 24,000 rooms-under the Iberostar Beachfront Resorts brand, which will become the 18th brand for IHG.
The deal will boost IHG's global portfolio by around three percent, with the first properties set to join the system this December in key markets, including Mexico, the Dominican Republic, Jamaica, Brazil and the Canary Islands.
Additional properties in Spain and other popular resort destinations in Southern Europe and North Africa are anticipated to join IHG's system throughout 2023 and 2024. The company has fewer than 20 resort properties in the countries where the Iberostar Beachfront Resorts properties are located.
"As we continue to expand the footprint of our world-famous brands, we are always looking at exciting, sustainable growth opportunities in areas that can further enhance our offer for guests and owners," IHG Chief Executive Officer Keith Barr said. "Guests have told us of their wish for increased choice of resort and all-inclusive destinations within our brand portfolio."
"We are delighted to address that by working with such a well-respected, experienced and like-minded partner as Iberostar, and to see more amazing hotels join our system that continues IHG's growth in so many of the world's most attractive markets and destinations," Barr continued. "We continue to explore further opportunities for growth with exclusive partners, demonstrating the strengths and attractiveness of IHG's enterprise platform."
The portfolio of Iberostar properties will gain access to IHG's enterprise platform, including its distribution channels and the One Rewards loyalty program, which boasts more than 100 million members.
The Iberostar Beachfront Resorts brand will be included in a new Exclusive Partners category in IHG's brand portfolio, which will sit alongside its Suites, Essentials, Premium and Luxury & Lifestyle categories.
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