IHG snapshot Cosslett made his most recent public appearance last week at the International Hotel Investment Forum in Berlin, where he discussed top issues the hotels industry faces moving forward.
Cosslett pointed to outbound travel from large countries like China as a key driver in global hotel growth. He said IHG is in the process of getting ready to receive the emerging Chinese travel market.
“Being the No. 1 brand in China helps us,” he said. “The Chinese look to Holiday Inn as a Chinese brand, so when they travel overseas they feel at home.”
He said despite fears of US$200 per barrel oil prices, people simply won’t give up traveling.
“They may make different decisions on how they’ll spend their money,” he said, “but there are a few things we won’t give up—and travel is one of them.”
Also, IHG is looking to add up to two new brands to its portfolio within the next year, either through acquisition or in-house development, Americas president Jim Abrahamson told HotelNewsNow.com during the Hunter Hotel Investment Conference last week.
In the Americas, the United Kingdom-based company is eyeing a new brand in the midscale segment. IHG also is targeting an upper-upscale or luxury brand to meet the growing demand in China.
“We like brands. We want to grow our brand portfolio. We’ve got capital to invest,” Abrahamson said.