InterContinental to spend EUR 270m in Poland

InterContinental Hotels Group is going to build 30 new hotels in Poland within 10 years.

They are planning to introduce 7 Holiday Inn hotels and 20-25 Express by Holiday Inn. The investment will mount to 270 million Euros, Ulrich Widmer, development director for Central and Eastern Europe in InterContinental Hotels Group said.

The group may soon launch its four and five-star Crowne Plaza hotels.

The next Holiday Inn hotel will be built in Jozefow, 20 km from Warsaw. The developer Aquila Park will build it. There will be 150 rooms in the hotel, 11 conference rooms and a small golf course. Mitex is the main construction company in this project.

The investment will cost EUR 20m. We will finance it from our own sources although we may take bank credits. The main part of the project will be ready till the end of February 2007, Marcin Gorzynski, Aquila Park CEO explained.

The group has its hotels in Warsaw, Krakow, Wroclaw and Gdansk. The Warsaw hotels are doing very well.

InterContinental got out of the red after 2.5 years. Krakow hotels are also noting good results. The market in Wroclaw is more difficult because there are too many very good hotel rooms, Ulrich Widmer said.