InterContinental Hotels Group (IHG) plans to open a 225-room hotel on the site previously held by the "Corncob" youth palace (so called for its distinct shape). The hotel is planned to open in 2010, and would be only the third internationally-recognized name in Armenia, following Marriott, which took over management of the Hotel Armenia six years ago and added its name to the property in 2004, and Golden Tulip, management of the Yerevan and Congress hotels.
IHG was chosen by local investor Avangard Motors as their hotel operator, after reviewing proposals from a number of international brands. The project is expected to cost at least $50-70 million. The hotel itself will provide more than 225 jobs and the three-year construction phase is expected to employ nearly 500.
Edvard Avetisyan, chairman of Avangard Motors said the InterContinental Yerevan "will place Yerevan at the forefront of Armenia's hospitality industry for the 21st century. The confidence that this internationally recognised industry leader has placed in Armenia, is a testimony not only to the Diaspora investment confidence, but also to the confidence of the international business community at large."Â
IHG is the world's largest hotel group, by number of rooms, with some 3,650 properties representing 540,000 guest rooms in nearly 100 countries and territories around the world. In addition to its flagship brand, InterContinental, IHG's portfolio includes such names as Crowne Plaza and Holiday Inn.
Jennifer Fox, Chief Operating Officer, InterContinental Brands Europe, said while Armenia is a new country for IHG, it is "within a region in which IHG is rapidly expanding and developing."Â
IHG's first hotel in Russia, Holiday Inn Moscow-Vinogradovo, opened in 1998, followed by the opening of Holiday Inn Moscow Lesnaya in 2005 and Holiday Inn Moscow-Suschevsky in March of this year and Holiday Inn Sokolniki, in recent weeks.
Source: ArmeniaNow.com
Posted November 15th, 2006 by Armen Hareyan
