The company will provide $30 million over five years, aiding with support, capital and lifecycle guidance
By Vishnu Rageev RAug 29, 2023
IHG HOTELS & RESORTS recently launched “IHG LIFT,” an owner growth program aimed at providing hotel development support for historically underrepresented groups in the hospitality industry and promoting diversity within IHG's hotel owner community, the company said. The new program seeks to remove shared barriers to hotel ownership within these groups, promoting diverse owner-entrepreneurs for success.
IHG will invest more than $30 million over the next five years to aid the program, offering support, capital access, and guidance throughout the hotel lifecycle for eligible owners in the U.S. and Canada. The IHG LIFT program name stands for leadership, inclusivity, facilitation and transformation, reflecting the necessary change and ongoing evolution within the industry, a company statement said.
“As our industry grows, we need to keep our focus on enabling more success for our diverse ownership base,” said Julienne Smith, IHG’s chief development officer for the Americas. “Barriers such as a lack of access to capital and the right networks put such owners at a disadvantage. The IHG LIFT program is specifically designed to help ease the path to ownership and ultimately support owners. Diversifying ownership is not only better for IHG, it also lifts up our entire industry.”
“A program such as IHG LIFT is important to our hotel industry,” said Jyoti Sarolia, CEO of Ellis Hospitality and owner of IHG hotels in California. “These efforts help grow our community of owners which should be as diverse as the guests we serve every day. IHG’s commitment and focus to make a difference certainly resonates with me as an owner.”
The program expands the company's commitment to diversity, equity, and inclusion, emphasizing the hotel lifecycle. This involves boosting diverse suppliers through the EPIC Supplier Diversity Program and collaborating with architecture, design, and construction firms dedicated to DEI principles in their operations.
IHG LIFT targets underrepresented diverse owners in both the hospitality industry and IHG's owner community, the statement added.
During a recent first-half earnings call, IHG unveiled plans for a new brand focused on midscale conversions. While the brand's name is yet undisclosed, more than 100 hotels and their owners have expressed robust interest the company said. Meanwhile, IHG also reported a 24 percent year-over-year increase in RevPAR for the first half of the year, ending on June 30.
Sonesta launched Americas Best Value Studios, an extended-stay version of ABVI.
The model targets owners seeking limited front desk and housekeeping.
The brand meets demand for longer-term, value-focused stays.
SONESTA INTERNATIONAL HOTELS Corp. launched Americas Best Value Studios by Sonesta, an extended-stay version of its franchised brand, Americas Best Value Inn. The model targets owners seeking limited front desk and housekeeping, optional fitness center and lobby market along with standard brand requirements.
The brand aims to address the growing demand for longer-term, value-driven accommodations, Sonesta said in a statement.
"Americas Best Value Studios by Sonesta represents a strategic evolution of our trusted Americas Best Value Inn brand," Keith Pierce, Sonesta’s executive vice president and president of franchise development, said. "We are expanding our offerings to directly address the increasing demand within the extended-stay segment, providing a practical solution for travelers seeking longer-term lodging at value. This new brand type allows our local franchised owner-operators to tap into a growing market while maintaining the community-focused experience that Americas Best Value Inn is known for."
ABVI has a majority presence in secondary and tertiary markets, the statement said.
The extended-stay brand’s operational model features a front desk, bi-weekly housekeeping, on-site laundry and pet-friendly accommodations, Sonesta said. Guests can also earn or redeem points through the Sonesta Travel Pass loyalty program.
In August, Sonesta named Stayntouch its preferred property management system after a two-year review of its ability to support the company’s franchise model. The company operates more than 1,100 properties with more than 100,000 rooms across 13 brands on three continents.
By clicking the 'Subscribe’, you agree to receive our newsletter, marketing communications and industry
partners/sponsors sharing promotional product information via email and print communication from Asian Media
Group USA Inc. and subsidiaries. You have the right to withdraw your consent at any time by clicking the
unsubscribe link in our emails. We will use your email address to personalize our communications and send you
relevant offers. Your data will be stored up to 30 days after unsubscribing.
Contact us at data@amg.biz to see how we manage and store your data.