A major new alliance has been closed in the hotel segment. InterContinental Hotels Group PLC (IHG) and Iberostar Hotels & Resorts have signed a long-term commercial agreement for their resort and all-inclusive hotels. Through this strategic alliance, up to 70 hotels (24.3k rooms) will be incorporated into the IHG system under the Iberostar Beachfront Resorts brand, which will become IHG’s 18th brand.
The agreement grants IHG the license to operate the Iberostar Beachfront Resort brand for an initial term of 30 years with the option to renew for additional terms of 20 years by mutual agreement. Total gross revenues for the existing portfolio of 70 hotels amounted to approximately 1.3 billion dollars in 2019.
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