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25 JUNE 2018
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A new upscale hotel brand called Voco, with its first property set for Australia, is on the way from Intercontinental Hotels Group (IHG) as it bids to strengthen its offer in the upscale market, estimated to be worth US$60bn (about £45bn) by 2025.
The roll-out of the brand, named for the Latin word for ‘to invite’ or ‘to come together’, will begin in IHG’s Europe, Middle East, Asia and Africa region, with plans to take it to the Americas and Greater China over time.
IHG anticipates more than 200 Voco properties over the next ten years. It announced plans last month to expand its luxury and upscale portfolio in the UK through an agreement with Covivio, which will establish a UK presence for Voco.
The group has also announced the signing of its first Voco property outside Europe in a deal with the 388-room Watermark Hotel & Spa Gold Coast in Australia which will re-open under the Voco brand later this year.
IHG CEO Keith Barr said: “We see significant growth opportunity for IHG in upscale and Voco will help us deliver this, working with owners of attractive properties who appreciate the power and expertise that a global business can bring.”
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