17 September 2018
IHG builds momentum in Eastern Europe with expansion into new market
First IHG® hotel signing in Latvia
Building of 280 room Holiday Inn® in the country’s capital city, Riga in partnership with Lords LB Asset Management
As business and leisure travel to Eastern Europe continues to surge, IHG (InterContinental Hotels Group), one of the world’s leading hotel companies, is pleased to announce its first ever presence in Latvia. This expansion follows the signing of a Holiday Inn hotel, in partnership with Lords LB Asset Management.
Holiday Inn, the largest hotel brand in the world, is targeted to open in Latvia’s thriving capital Riga, in September 2022 in the former iconic ‘Preses Nams’ building in the heart of the city.
The 280 room Holiday Inn® Riga will be located at the southern-most point of Kipsala Island on the west bank of the Daugava River. The hotel will have stunning panoramic views of the city and Riga’s old town.
This prime location is connected to all the major transport hubs, with Riga international airport just eight kilometres away. The hotel should also be served by a new tramline connecting the airport with the city centre, due for completion in 2024.
Riga prides itself on being the major industrial, commercial, cultural and financial centre in the Baltic region. The European Capital of Culture in 2014, the 800 year old city is a cultural hotspot, known for its wooden buildings, art nouveau architecture and many museums and concert halls. It is also a thriving commercial centre, with a variety of industries including IT, transport & logistics, agriculture, chemicals and electronic manufacturing.
Holiday Inn Riga will feature one restaurant and the Holiday Inn open lobby concept. This innovative design, combines the front desk, spacious lobby, restaurant, bar, lounge area and business centre, to give guests options to eat, relax, work, or have fun in one integrated space.
Other hotel amenities will include a conference/banqueting room for up to 400 people, six meeting rooms, parking, fitness centre and fast, reliable Wi-Fi with IHG® Connect.
Miguel Martins, Development Director Poland and Eastern Europe, IHG, said: “We are very excited to be signing this agreement today with Lords LB to build the Holiday Inn Riga, the very first IHG hotel brand in Latvia. Riga is a thriving commercial and tourism centre and as the numbers of visitors from around the world continues to rise, there’s a growing need for trusted hotel brands to fulfil demand from both business and leisure travellers. We look forward to bringing the unique and world renowned Holiday Inn guest experience to Riga.”
Holiday Inn Riga is a key stage in IHG’s Eastern European and Baltic’s expansion strategy, fueled by growing domestic travel, tourism from visa free countries including China, South Korea, India, as well as a sustainable level of demand from IHG’s customers in Western Europe, who are attracted by new travel experiences and low costs.
Today’s hotel signing in Riga is the fourth IHG hotel to be signed in Eastern Europe since the start of the year. There are currently 25 IHG hotels in Eastern Europe1 across a range of the company’s portfolio of brands including InterContinental®, Holiday Inn, Crowne Plaza® and Holiday Inn Express®.
Aivaras Abromavičius, Chairman of the Supervisory Board of Preses Nams development, Lords LB Asset Management, said: “We are really excited to be working with IHG on the Holiday Inn Riga. As specialists in hotel development, we felt that the Holiday Inn brand is the best option for this location and are confident that this will be an excellent addition to our portfolio. With our expertise and IHG’s scale and strong brand recognition, we are looking forward to a successful venture and hope to work with IHG on more projects in the future.”
1As at June 30th 2018. Eastern Europe countries: Bulgaria, Poland, Romania, Czech Republic, Hungary, Slovak Republic.
For further information please contact:
+44 (0) 7980 958 073
IHG ® (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including Regent Hotels & Resorts, InterContinental® Hotels & Resorts, Kimpton® Hotels & Restaurants, Hotel Indigo®, EVEN® Hotels, HUALUXE® Hotels and Resorts, Crowne Plaza® Hotels & Resorts, voco™ Hotels, Holiday Inn®, Holiday Inn Express®, Holiday Inn Club Vacations®, Holiday Inn Resort®, avid™ hotels, Staybridge Suites® and Candlewood Suites®.
IHG franchises, leases, manages or owns more than 5,400 hotels and 810,000 guest rooms in almost 100 countries, with nearly 1,800 hotels in its development pipeline. IHG also manages IHG® Rewards Club, our global loyalty programme, which has more than 100 million enrolled members.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales. More than 375,000 people work across IHG's hotels and corporate offices globally.
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