InterContinental Hotels Group (IHG), owner of the Staybridge Suites brand, today announces an agreement with Hospitality Properties Trust (HPT) to manage 15 of HPT properties, 14 of which will be converted from Summerfield Suites by Wyndham to Staybridge Suites hotels. IHG has entered into a management agreement on these hotels with HPT for a period of 20 years with options to extend. The transaction immediately boosts the distribution of the Staybridge Suites brand by 25%, increasing the number of open properties from 57 to 71 and extending the brand into more key locations throughout Americas including Northern and Southern California, Central and Northern New Jersey and Florida.
This transaction, which follows the announcement in July 2003 of HPT’s purchase of 16 Staybridge Suites from IHG, means that HPT will own 30 Staybridge Suites properties. As part of this agreement, HPT has agreed to invest up to $20m towards the refurbishment of the hotels.
Commenting on the transaction Richard North, Chief Executive, InterContinental Hotels Group said:
“Extending the network of our high-quality, strongly differentiated brands is a top priority for InterContinental Hotels Group. HPT’s commitment to and investment in Staybridge Suites hotels along with the significant success and growth of the brand demonstrates our ability to do just that.”