IHG Hotels & Resorts and Australian property developer ALAND have signed a Master Development Agreement to launch IHG’s Staybridge Suites extended-stay brand in Australia.
Under the agreement, ALAND will hold exclusive development
rights and deliver at least 15 hotels comprising a minimum of 2,000 rooms
nationwide.
The first two properties, Staybridge Suites Sydney
Parramatta and Staybridge Suites Sydney Leppington, will feature 130 and 112
rooms respectively and be managed by Signature Hotel Management Group.
Matt Tripolone, Managing Director, Australasia &
Pacific, IHG Hotels & Resorts, said: “This is a significant long-term
development agreement for IHG in Australia. Establishing a portfolio of at
least 15 hotels and 2,000 rooms with one development partner gives us a clear
pathway to build a meaningful position in the extended-stay segment, where we
see considerable long-term opportunity.”
Andrew Hrsto, Founder and CEO of ALAND, said: “This
agreement is an exciting evolution of our partnership with IHG and creates an
opportunity to establish a significant new accommodation platform across
Australia.”
The first properties will target growing commercial and
infrastructure markets in Western Sydney, supporting demand from corporate
travellers, relocations and longer-stay guests. -TTN