IHG says downturn may hit new hotel pipeline
Intercontinental Hotels Group has said its pipeline of new developments may be hit by the global economic downturn, though it expects rivals to suffer more, the Financial Times reported on Friday.
Barratt says housing markets improve"We are seeing some slowdown in the opening speed of hotels, especially at the top end," the newspaper quoted chief executive Andrew Cosslett as saying on the sidelines of a conference in Hong Kong.
"We could slow down in some projects while others might disappear. But we are opening one hotel a day and signing up another two, so we expect to deliver revenue improvement even in the event of a slowdown."
Cosslett said Intercontinental Hotels Group (IHG), the world's biggest hotel group by number of rooms, would fare better than many rivals in a downturn.
"It will accelerate the erosion of the market share held by independents and smaller chains. They will become ever more marginalised," he was quoted as saying.
(Reporting by Mark Potter; Editing by Gary Hill)
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