InterContinental Hotels Stock Price, News & Analysis

Crowne Plaza Toronto Airport, owned by Manga Hotels, has reopened after a $20 million renovation, enhancing its appeal for travelers. Located near Toronto Pearson Airport, the 528-room hotel features upgraded guest accommodations, expanded dining options at The Cannery Kitchen & Social, and state-of-the-art meeting spaces totaling 12,000 square feet. The renovations include a modernized lobby, redesigned rooms with contemporary decor, and improved fitness facilities. IHG's rigorous cleaning protocols ensure guest safety amidst ongoing health concerns.

IHG Hotels & Resorts announces a partnership with Explore Georgia to promote tourism in the state, highlighting diverse experiences beyond the usual attractions. Guests can benefit from the 'Stay Longer and Save' deal, offering up to 20% off stays of three nights or more until February 28, 2021. This initiative aims to showcase Georgia's rich history, culture, and natural beauty while supporting the local tourism industry, valued at $68.82 billion, which sustains over 484,000 jobs.

IHG Hotels & Resorts announced the construction of its first Atwell Suites hotel in Miami's Brickell neighborhood, set to open by summer 2021. The hotel will feature 90 rooms and be part of a mixed-use development alongside a 140-room Hotel Indigo. The Atwell Suites brand, introduced in 2019, caters to longer stays with dynamic spaces for work and leisure.

With 20 additional properties in planning, IHG aims to capitalize on the growing all-suites segment, demonstrating strong owner interest even amidst market challenges.

IHG Hotels & Resorts has launched a loyalty partnership with Mr & Mrs Smith, expanding options for IHG Rewards members. From October 29, over 400 luxury hotels from Mr & Mrs Smith will be available for booking through IHG's platforms, with more added weekly. This partnership doubles the availability of luxury accommodations for members, introducing properties across 11 new destinations where IHG has no presence. Elite members will enjoy bonus points and complimentary upgrades at select hotels, enhancing their travel experiences.

As travel resumes, IHG Hotels & Resorts reports significant growth in group bookings, particularly in sports and entertainment sectors. Bookings in Q3 more than doubled year-over-year, with youth sports contributing significantly. IHG's hotels are increasingly utilized for film and television productions, allowing for early reopenings. Other sectors, such as medical and automotive, are also seeing notable gains. The company has implemented strict cleanliness and safety measures to regain planner and corporate client confidence.

On October 2, 2020, IHG broke ground on its first avid hotel in Canada, located in Vaughan, a suburb of Toronto. This property, owned by PI Cap, is part of a growing pipeline of avid hotels across Canada, with over 90 projects under development. The Vaughan hotel, expected to open in spring 2022, will feature 119 rooms and is strategically positioned near Toronto Pearson International Airport. IHG emphasizes its commitment to cleanliness with enhanced protocols and the IHG Clean Promise, ensuring a high standard of hygiene for guests.

IHG Hotels & Resorts reports on the rise of 'staycations' during the summer of 2020 due to pandemic travel restrictions. According to new data, more than half of travelers stayed within 300km of home, with 85% traveling by car. IHG noted a shift towards rural destinations, with the Florida Panhandle and West Texas becoming popular. Despite pandemic challenges, the proportion of business and leisure bookings remained stable from June to August 2020. Additionally, booking lead times shortened significantly, with 63% booked within two days of arrival, emphasizing the need for flexibility.

IHG has launched its upscale voco brand in the Americas, with the first properties in New York City, St. Augustine, Florida, and Columbia, Missouri. The voco brand, which combines the charm of independent hotels with the reliability of a global brand, has seen strong demand since its introduction earlier this year. The brand currently has 12 hotels open in the EMEAA region and a development pipeline of 28 new projects across 19 countries in the next five years. This strategic expansion aims to capture urban and leisure markets, enhancing IHG's presence and opportunities in the upscale hotel segment.