InterContinental Hotels to invest EUR 270 million

"There are seven Holiday Inn hotels and 20-25 Express by Holiday Inn hotels at stake. The total value of investments will amount to around EUR 270 million," declared Ulrich Widmer, the director for development of InterContinental Hotels Group in Central and Eastern Europe. It is also possible that the group will build four and five star hotels under the brand of Crowne Plaza. "We take Warsaw and Kraków into account. These types of hotels require a location in the very center of the city. We also consider siting the hotels next to airports. Our only perspective is organic growth since it would be difficult for us to take over anyone in Poland," added Widmer. It is already known that a three star hotel will be build in Józefów near Warsaw for EUR 20 million. The main part of the project will be completed by February 2007. InterContinental Hotels Group currently owns two hotels both in Warsaw and in Kraków, one in Gdańsk and one in Wrocław. (Puls Biznesu, pp. 1, 8) E.B.