China is set to build the world's tallest hotel - a 450-room Intercontinental in Nanjing - by 2010 after Intercontinental Hotels Group announced the signing of four new management contracts with one of the biggest property developers in China. Shanghai Greenland Group, said to be among the country's top three real estate firms, is planning to incorporate the Intercontinental into the proposed Nanjing International Financial Centre.
The other deals include a Holiday Inn in Xi'an and two Express by Holiday Inn hotels in Shanghai, representing a total of more than 1,400 rooms.
Andrew Cosslett, chief executive of InterContinental Hotels Group, claimed the announcement cemented its position as "the leading hotel company in the region", coming on the back of an earlier six-hotel deal reached between IHG and the Chengdu International Exhibition & Convention Group. "These back-to-back multiple-property deals with China's leading property developers clearly illustrate our owners' and partners' trust and confidence in us. We are extremely optimistic about the outlook for the region," he said.
Zhang Yu Liang, president, Shanghai Greenland Group, added: "The Greenland Group is in the midst of a nationwide expansion and we have great confidence in our cooperation with the InterContinental Hotels Group. Their understanding of the Chinese market, consistently strong growth and broad portfolio of brands catering to different market segments makes them the ideal hotel partner for our newest and most impressive developments."
Edmond Ip, InterContinental Hotels Group's chief operating officer for North Asia, said the company was sustaining strong growth across the region thanks to Chinese property developers' faith in their brands.
As well as opening an Intercontinental in Nanjing - a gateway city in southeastern China - the Greenland Group are constructing a 380-room Holiday Inn in Xi'an and two Express by Holiday Inns in two of Shanghai's newest industrial and commercial districts - Putuo and Minghang.
The first of these will be a 230-room property, opening in late 2006. The latter is a 350-bed hotel in a newly-developed residential district west of central Shanghai. It is scheduled to open in early 2007. Since 2001, Shanghai Greenland Group has developed properties in numerous cities across China, including Nanchang, Hefei, Changchun, Nanjing, Chengdu, and Xi'an. Headquartered in Shanghai, the group has also received a coveted 'A' rating from the Chinese Ministry of Construction. Intercontinental Hotels Group currently has 51 hotels in Greater China, with a further 48 under construction.
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