The High-end Hotel Market Is Huge, Attracting High-end Brands To China One After Another

On September 17, InterContinental Hotels Group (IHG) announced the official opening of Hangzhou Minghao Voco Hotel, the first hotel of its high-end hotel brand voco in Greater China. At the same time, InterContinental announced that it will officially launch the voco brand in the US market.

voco enters the world's two major hotel markets

In 2018, InterContinental Hotels Group launched the voco brand for the first time. The brand was born in London, mainly in the UK, Europe, Australia and the Middle East. The landing in Hangzhou, China and the announcement to enter the US market means that the high-end brand of InterContinental has successfully expanded to the two largest hotel markets in the world and is expected to become an important milestone in the brand's growth strategy.

Hangzhou Minghao voco Hotel is located in the Binjiang area of Hangzhou, with an excellent location. The hotel has 148 rooms and suites and 1,580 square meters of flexible banquet event space. The voco brand is also the 11th intercontinental brand to enter the Greater China region, positioning the high-end flagship high-end hotel for the flop transformation.

At present, voco has 12 hotels in the world and 28 hotels are under construction. In the next 10 years, more than 200 hotels will be opened in world-renowned cities and leisure and tourist destinations. On June 29 this year, InterContinental Hotels Group announced the launch of voco, a high-end hotel brand in Greater China, and signed voco's first project in Wuhan. It is reported that the voco brand is the 11th brand introduced by InterContinental to the Chinese market. In addition to voco, Yiheng, another high-end brand of InterContinental, also opened its first store in Greater China in Nanjing not long ago.

Wang Lin, Chief Marketing Officer of InterContinental Hotels Group Greater China, said: “voco is the 11th brand introduced by InterContinental Hotels Group to Greater China. We look forward to cooperating with Zhejiang Minghao Holdings Group to make this intimate, reliable and interesting high-end hotel The brand has brought Hangzhou to create an iconic voco hotel that provides guests with a unique high-end experience. In the first half of 2020, inventory conversion projects accounted for a quarter of the total number of IHG contracts. In the current environment, we believe that now It is the right time to introduce the voco brand, so that the high-quality customer source, excellent brand management and guest experience of the InterContinental Hotels Group can be perfectly grafted with the excellent local independent brand hotel products and rich local market awareness. At the same time, it will help voco in Greater China. The rapid development of the district and the improvement of the performance and reputation of partner hotels.

voco stock conversion concept

It is understood that InterContinental Hotels Group has created the voco brand through a simplified inventory conversion process. With first-class revenue management, technology applications and one of the world's largest guest loyalty programs (IHG Rewards Club), high-quality independent hotels can be easily and quickly Join IHG and get higher returns.

Under the influence of the epidemic this year, the hotel industry has suffered a huge impact, and the weakness of individual hotels with poor anti-risk capabilities has become more prominent. In contrast, chain hotel brands and high-end resort hotels have become the first choice for hotels after the epidemic, both in hygiene and in Safety is more popular.

This also makes international hotel groups more concerned about the stock market of major hotels in China. Hangzhou Minghao voco Hotel is a deliberate move by InterContinental Hotels Group, but it is far from the end. The huge audience market in Greater China will continue in the future. Test the water more. In the future, with the injection of new brands from InterContinental, Marriott, and Accor, the mid-to-high-end hotel market will become more mature and more segmented.

Just as Chen Minghua, the chairman of Hangzhou Minghao voco Hotel, said in an exchange with friends in the media: "The future of vacation may not be to watch the scenery. Guests may choose a hotel to read three-day books, so there must be requirements for the environment of this hotel, and I think The same is true of doing high-end hotels, focusing on quality. This model will have unlimited development in the future market. In Hangzhou, where the Internet is developed, this market is also saturated."