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IHG Hotels & Resorts and NOVUM Hospitality sign agreement that doubles IHG’s hotel presence in Germany, launches Holiday Inn – the niu collaboration, and debuts Garner and Candlewood Suites brands
LONDON, April 15, 2024 /PRNewswire/ — IHG Hotels & Resorts (IHG) and NOVUM Hospitality announce a long-term agreement that will double IHG’s presence in Germany to more than 200 hotels in almost 100 cities through an exciting Holiday Inn – the niu brand collaboration and European debuts for IHG’s Garner and Candlewood Suites brands.
The agreement with NOVUM Hospitality, one of Germany’s largest private hotel operators, owned by David Etmenan, will make IHG one of the leading players in midscale and upper midscale, and includes the following key elements:
- Up to 108 NOVUM Hospitality otpen hotels (15,334 rooms) and 11 hotels under development (2,369 rooms) are expected to join IHG’s system between 2024 and 2028. Conversion of the hotels to IHG’s system will happen in phases beginning in 2024, with the majority to take place over the next 24 months. This will increase IHG’s global system size by up to 1.9% over the coming years.
- A total of 52 open and pipeline hotels will join IHG through a distinctive collaboration between Holiday Inn and the niu, NOVUM Hospitality’s stylish, flagship upper midscale brand. This will combine the domestic presence of the niu with Holiday Inn’s trusted reputation and global brand recognition to build a leading position in a key target market. NOVUM Hospitality’s other brands, Yggotel, Select and Novum with 56 open and pipeline hotels will convert to IHG’s new midscale conversion brand, Garner, and the acora Living the City brand with 11 open and pipeline hotels will convert to IHG’s midscale extended stay brand, Candlewood Suites.
- Under the agreement, IHG will receive franchise fees after the phased conversion of existing properties and upon the opening of the hotels under development. Additionally, standard assessments will be received into IHG’s System Fund, including those to cover the operation of IHG One Rewards, and marketing and reservation services. IHG will contribute key money capital expenditure that will reflect the phased conversion and timing of openings of this major portfolio of hotels.
- The agreement includes an exclusivity arrangement for future NOVUM Hospitality hotels to join IHG’s leading brands and enterprise system, with an ambition to jointly develop further hotels over time.
- The agreement has a term of 30 years and the option to renew for additional terms.
A total of 111 NOVUM Hospitality properties are in Germany, with the remaining eight in Austria, the Netherlands and the UK. Germany is one of Europe’s largest hotel markets, with strong domestic consumption, inbound and outbound travel. In 2022, there were over 450 million overnight stays in Germany, the second highest in Europe, and the country generated the highest number of international outbound travellers globally, around 100 million.
IHG’s growth in Germany will be supported by continued investment in building localised commercial platforms, such as the recent introduction of loyalty partnerships and improved booking systems. IHG expects its increased scale to bring significant benefits to NOVUM Hospitality and other IHG owners, including higher brand awareness, direct bookings and loyalty engagement, to capture both domestic demand and German outbound business. It will also drive the development of IHG’s brands across more locations.
NOVUM Hospitality will adopt IHG brands and systems for this entire portfolio, becoming one of IHG’s largest franchisees globally, with access to IHG’s powerful commercial engine and technology platforms to drive hotel performance, efficient hotel operations and customer experience.
Elie Maalouf, Chief Executive Officer, IHG Hotels & Resorts, said:
“We are delighted to collaborate with such a respected group as NOVUM Hospitality and double IHG’s presence in Germany, one of Europe’s largest hotel markets and a growth priority for our business. This agreement demonstrates the appeal to owners of our powerful enterprise and IHG’s success in attracting excellent conversion opportunities to grow our system size. It also creates a strong domestic German platform to increase demand and brand awareness, as well as capture a larger share of the millions of outbound trips made each year across Europe and beyond.
We’re excited to bring a modern, bold and dynamic experience to market with our Holiday Inn – the niu collaboration, which pairs our world-famous Holiday Inn brand with a high-quality local brand that has an excellent, largely newly-built estate. Equally, bringing Garner to Europe in such a critical market as Germany is a great moment, as is taking Candlewood Suites outside of the Americas for the first time. Both IHG and NOVUM Hospitality share a deep commitment to true hospitality, quality and growth, and we look forward to expanding together in the years to come.”
David Etmenan, Chief Executive Officer and Owner, NOVUM Hospitality, commented:
“Partnering with IHG, one of the world’s leading hotel companies, equips our family-run business with the firepower needed to fortify our market presence across Europe. This collaboration enables us to concentrate on delivering exceptional hotel experiences while leveraging the globally acclaimed brand recognition of IHG. Forging a co-brand between the niu and Holiday Inn sees two perfectly complementary brands come together, enhancing our appeal to guests on a global scale. Accessing IHG’s state-of-the-art global distribution network provides us with enhanced sales and revenue capabilities, ensuring sustained commercial success while retaining full flexibility and independence for NOVUM Hospitality, as the company remains in our ownership entirely.
Beyond the strategic advantages, the alignment of our values and principles throughout the negotiation process with IHG underscores the compatibility of our alliance. We deeply value the respect and consideration accorded to our the niu brand and eagerly anticipate the promising future that lies ahead in our joint endeavours.”
Further brand details:
- Holiday Inn is an award-winning icon, voted the most trusted hotel brand in US travel. Providing leisure guests, business travellers and families with great places to stay since 1952, Holiday Inn has over 1,200 hotels globally and a further 250 properties in its pipeline.
- Holiday Inn – the niu is a collaboration anchored in distinctive design and memorable hospitality. Already renowned for its commitment to neighbourly service and individually designed hotels inspired by their location, urban art and pop-culture, the niu is a fresh brand with a strong reputation. Combining it with Holiday Inn, alongside the award-winning IHG One Rewards loyalty programme and IHG’s powerful enterprise platform, will further elevate the stay experience, grow market share by reaching new leisure and business guests, and accelerate expansion into new locations.
- The first US Garner hotel opened in Seattle in late 2023 within three months of the brand being franchise-ready, and it has since launched in Japan, Mexico and Canada. With today’s announcement, Garner is now franchise ready across IHG’s Europe, Middle East, Asia and Africa (EMEAA) region. Garner is designed for travellers of all ages seeking a reliable, relaxed experience at an affordable price. It is becoming the leading choice for guests wanting great value stays at high–quality properties, and for owners seeking higher returns in the midscale space. IHG expects Garner to reach over 500 open hotels in the next 10 years and 1,000 hotels in the next 20 years in the US alone.
- Candlewood Suites is IHG’s midscale extended stay brand, providing a casual and friendly environment with everything guests need to live, work and relax while away from home. For over 25 years, the brand has provided great value for guests, while also allowing owners to benefit from a highly efficient operating model. Candlewood Suites has a combined open and pipeline estate of over 520 hotels across the Americas.
About IHG Hotels & Resorts
IHG Hotels & Resorts [LON:IHG, NYSE:IHG (ADRs)] is a global hospitality company, with a purpose to provide True Hospitality for Good.
With a family of 19 hotel brands and IHG One Rewards, one of the world’s largest hotel loyalty programmes, IHG has over 6,300 open hotels in more than 100 countries, and a development pipeline of over 2,000 properties.
– Luxury & Lifestyle: Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo
– Premium: voco hotels, HUALUXE Hotels & Resorts, Crowne Plaza Hotels & Resorts, EVEN Hotels
– Essentials: Holiday Inn Express, Holiday Inn Hotels & Resorts, Garner hotels, avid hotels
– Suites: Atwell Suites, Staybridge Suites, Holiday Inn Club Vacations, Candlewood Suites
– Exclusive Partners: Iberostar Beachfront Resorts
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated and registered in England and Wales. Approximately 345,000 people work across IHG’s hotels and corporate offices globally.
Visit us online for more about our hotels and reservations and IHG One Rewards. To download the IHG One Rewards app, visit the Apple App or Google Play stores.
For our latest news, visit our Newsroom and follow us on LinkedIn.
About NOVUM Hospitality
With a distinguished portfolio of over 150 hotels (incl. secured pipeline), encompassing more than 20,000 rooms across 60 premier locations throughout Europe, NOVUM Hospitality is ranked among the biggest family-run hotel groups in Germany. Founded in 1988 and geared for growth since 2004, NOVUM Hospitality has been successfully expanding under the visionary leadership of Chief Executive Officer & Owner, David Etmenan. The hotel portfolio comprises midscale and upper midscale hotels in central locations run under acclaimed brands such as the niu, Select Hotels, Novum Hotels, Yggotel and acora Living the City. Additionally, NOVUM Hospitality proudly serves as a franchisee for InterContinental Hotels Group, Accor, and Hilton. The renowned Treugast Investment Ranking, an annual assessment of the foremost hotel companies in Germany, awards NOVUM Hospitality with an ‘A’ rating, underscoring their commitment to excellence and industry leadership. www.novum-hospitality.com
Photo – https://mma.prnewswire.com/media/2387257/David_Etmenan_and_Elie_Maalouf.jpg
A recent study by PricewaterhouseCoopers (PwC) has revealed that banks and insurers within the European Union (EU) are significantly lagging behind in meeting green compliance standards. This lag poses substantial risks not only to the institutions themselves but also to the broader goals of sustainable finance and climate change mitigation.
The Findings of the PwC Study
PwC’s comprehensive study examined the extent to which EU banks and insurers have integrated green compliance into their operations. The findings highlight a considerable gap between current practices and the regulatory expectations set forth by the EU.
Key Findings:
- Slow Integration: Many financial institutions are slow to integrate environmental, social, and governance (ESG) criteria into their business models.
- Lack of Clear Strategies: A significant number of banks and insurers lack clear and actionable strategies for achieving green compliance.
- Insufficient Data Management: Poor data management practices are hampering the ability to track and report on ESG metrics effectively.
- Regulatory Challenges: Compliance with the EU’s complex and evolving regulatory framework remains a significant challenge for many institutions.
The Importance of Green Compliance
Green compliance is crucial for the financial sector as it aligns with global efforts to combat climate change and promote sustainability. Financial institutions play a pivotal role in this ecosystem by directing capital flows towards sustainable investments and practices.
Benefits of Green Compliance:
- Risk Mitigation: By adhering to green compliance standards, financial institutions can mitigate environmental risks and avoid potential regulatory penalties.
- Reputation Management: Demonstrating a commitment to sustainability can enhance the reputation and brand value of financial institutions.
- Market Opportunities: Green compliance opens up new market opportunities, particularly in the growing sector of sustainable finance.
Regulatory Landscape
The EU has been at the forefront of implementing stringent regulations aimed at promoting sustainable finance. Key regulations include the EU Taxonomy, the Sustainable Finance Disclosure Regulation (SFDR), and the Corporate Sustainability Reporting Directive (CSRD).
Key Regulations:
- EU Taxonomy: Provides a classification system for environmentally sustainable economic activities.
- SFDR: Requires financial market participants to disclose how they integrate ESG factors into their investment decisions.
- CSRD: Mandates enhanced disclosure of non-financial and diversity information by large companies.
Challenges Faced by Financial Institutions
Despite the regulatory push, financial institutions face several challenges in achieving green compliance.
Major Challenges:
- Complexity of Regulations: The complexity and scope of green compliance regulations can be overwhelming for institutions.
- Data Management Issues: Effective green compliance requires robust data management systems to track and report ESG metrics.
- Resource Constraints: Many institutions lack the necessary resources, both in terms of personnel and technology, to implement comprehensive green compliance strategies.
- Cultural Resistance: There can be cultural resistance within institutions, particularly from stakeholders who may not fully appreciate the importance of green compliance.
Strategies for Improving Green Compliance
To bridge the gap identified by the PwC study, EU banks and insurers must adopt comprehensive and proactive strategies to enhance their green compliance efforts.
Key Strategies:
- Develop Clear Strategies: Institutions need to develop clear, actionable strategies for integrating ESG criteria into their operations.
- Invest in Data Management: Investing in advanced data management systems is crucial for effective tracking and reporting of ESG metrics.
- Enhance Stakeholder Engagement: Engaging with stakeholders to build a culture that values sustainability and green compliance is essential.
- Leverage Technology: Utilizing technology, such as artificial intelligence and blockchain, can streamline compliance processes and improve accuracy.
Conclusion
The PwC study underscores the urgent need for EU banks and insurers to accelerate their green compliance efforts. By adopting clear strategies, investing in data management, and leveraging technology, these institutions can not only meet regulatory expectations but also play a pivotal role in driving sustainable finance and combating climate change.
Source of the news: Fintech Global
The post EU Banks and Insurers Lag in Green Compliance, PwC Study Finds appeared first on HIPTHER Alerts.
Corlytics, a leading provider of regulatory risk intelligence solutions, has announced the appointment of three key executives: a new Chief Technology Officer (CTO), Chief Data Officer (CDO), and Chief Tech Architect. These strategic hires are set to bolster Corlytics’ capabilities and drive its mission to deliver cutting-edge regulatory risk intelligence.
The New Appointments
Corlytics’ latest appointments include highly experienced professionals who bring a wealth of knowledge and expertise to the company.
Key Appointments:
- Chief Technology Officer (CTO): The new CTO will oversee the company’s technology strategy, ensuring that Corlytics remains at the forefront of innovation in regulatory risk intelligence.
- Chief Data Officer (CDO): The CDO will be responsible for managing and leveraging data to enhance Corlytics’ solutions, providing clients with deeper insights into regulatory risks.
- Chief Tech Architect: The Chief Tech Architect will focus on the technical architecture of Corlytics’ platforms, ensuring scalability, reliability, and security.
Enhancing Regulatory Risk Intelligence
With these strategic hires, Corlytics aims to enhance its regulatory risk intelligence offerings, providing clients with more comprehensive and actionable insights.
Enhanced Capabilities:
- Advanced Analytics: Leveraging advanced analytics to provide deeper insights into regulatory risks and trends.
- Data Integration: Improving data integration capabilities to provide a holistic view of regulatory risks across various jurisdictions and sectors.
- Scalable Solutions: Developing scalable solutions that can grow with clients’ needs, ensuring they remain compliant in an evolving regulatory landscape.
The Importance of Regulatory Risk Intelligence
In today’s complex regulatory environment, effective regulatory risk intelligence is crucial for financial institutions and other regulated entities.
Key Benefits:
- Risk Mitigation: Identifying and mitigating regulatory risks before they materialize can save organizations from significant financial and reputational damage.
- Compliance Management: Enhancing compliance management processes to ensure adherence to evolving regulations.
- Strategic Decision-Making: Providing data-driven insights that support strategic decision-making and long-term planning.
Corlytics’ Strategic Vision
The new hires align with Corlytics’ strategic vision of becoming a global leader in regulatory risk intelligence, leveraging technology and data to transform how organizations manage regulatory compliance.
Strategic Goals:
- Innovation: Continuing to innovate and develop cutting-edge solutions that address the evolving needs of clients.
- Global Expansion: Expanding Corlytics’ presence in key markets around the world.
- Client Focus: Maintaining a strong focus on client needs, delivering solutions that provide tangible value and support regulatory compliance efforts.
Future Prospects
With the addition of the new executives, Corlytics is well-positioned to drive future growth and innovation in the regulatory risk intelligence space. The company plans to leverage its enhanced capabilities to expand its market reach and deliver even greater value to clients.
Growth Opportunities:
- Product Development: Developing new products and features that address emerging regulatory risks and challenges.
- Partnerships: Forming strategic partnerships with other technology providers and regulatory bodies to enhance Corlytics’ solutions.
- Market Penetration: Increasing market penetration by targeting new industries and geographic regions.
Conclusion
The appointment of a new CTO, CDO, and Chief Tech Architect marks a significant milestone for Corlytics. These strategic hires will enhance the company’s capabilities, driving innovation and delivering greater value to clients. As Corlytics continues to expand and innovate, it is well-positioned to lead the regulatory risk intelligence market and support organizations in managing their regulatory compliance challenges.
Source of the news: Fintech Futures
The post Corlytics Hires New CTO, Chief Data Officer, and Chief Tech Architect appeared first on HIPTHER Alerts.
The regulation of instant payments is becoming increasingly important as both banks and corporate treasurers seek to leverage faster, more efficient payment solutions. This article provides an overview of instant payments regulation, highlighting the key considerations and implications for banks and corporate treasurers.
What Are Instant Payments?
Instant payments refer to electronic payments that are processed in real-time or near real-time, enabling the transfer of funds between accounts within seconds. These payments can be initiated and completed at any time, providing convenience and efficiency for both individuals and businesses.
Key Characteristics:
- Speed: Funds are transferred almost instantly, reducing the time taken for payment settlement.
- Availability: Instant payments can be made 24/7, including weekends and holidays.
- Irrevocability: Once initiated, instant payments cannot be reversed, ensuring finality of the transaction.
Regulatory Landscape
The regulation of instant payments varies across different jurisdictions, with a focus on ensuring security, efficiency, and interoperability of payment systems.
Key Regulations:
- EU Regulation on Instant Payments: The EU has implemented specific regulations to promote the adoption of instant payments, ensuring that payment service providers offer these services to customers.
- PSD2: The Second Payment Services Directive (PSD2) in the EU includes provisions that support the development and regulation of instant payments.
- Local Regulations: Various countries have their own regulations and guidelines to govern instant payments, focusing on aspects such as fraud prevention, consumer protection, and technical standards.
Implications for Banks
Banks play a critical role in the provision of instant payments and must navigate the regulatory landscape to ensure compliance and provide seamless services to customers.
Key Considerations for Banks:
- Compliance: Banks must comply with relevant regulations and guidelines to offer instant payment services. This includes adhering to technical standards and implementing robust security measures.
- Infrastructure: Investing in the necessary infrastructure to support real-time payment processing and ensure system reliability and availability.
- Customer Education: Educating customers about the benefits and features of instant payments, as well as any potential risks associated with their use.
Implications for Corporate Treasurers
Corporate treasurers can benefit significantly from the adoption of instant payments, which can enhance cash flow management and improve operational efficiency.
Key Considerations for Corporate Treasurers:
- Cash Flow Management: Instant payments can improve cash flow management by reducing the time taken for payment settlement and providing real-time visibility into account balances.
- Operational Efficiency: Faster payment processing can streamline business operations, reducing administrative burdens and improving supplier relationships.
- Risk Management: Corporate treasurers must be aware of the irrevocability of instant payments and implement appropriate controls to prevent fraudulent transactions.
Benefits of Instant Payments
The adoption of instant payments offers several benefits for both banks and corporate treasurers, driving efficiency and enhancing the customer experience.
Key Benefits:
- Convenience: Instant payments provide a convenient and efficient way to transfer funds, reducing the reliance on traditional payment methods.
- Cost Savings: Faster payment processing can reduce the costs associated with payment settlement and reconciliation.
- Enhanced Customer Experience: Offering instant payment services can enhance the customer experience, providing greater flexibility and speed in financial transactions.
Challenges and Future Trends
While instant payments offer numerous benefits, there are also challenges that banks and corporate treasurers must address to fully leverage these services.
Key Challenges:
- Security Risks: Ensuring the security of instant payments is critical, particularly given the speed and irrevocability of transactions.
- Interoperability: Achieving interoperability between different payment systems and networks is essential for the widespread adoption of instant payments.
- Regulatory Compliance: Navigating the complex regulatory landscape and ensuring compliance with relevant regulations can be challenging.
Future Trends:
- Increased Adoption: The adoption of instant payments is expected to continue growing, driven by regulatory support and customer demand.
- Technological Advancements: Advances in technology, such as blockchain and artificial intelligence, are likely to further enhance the capabilities and security of instant payments.
- Global Standardization: Efforts to develop global standards for instant payments will promote interoperability and facilitate cross-border transactions.
Conclusion
The regulation of instant payments is crucial for ensuring the security, efficiency, and interoperability of payment systems. Banks and corporate treasurers must navigate the regulatory landscape and invest in the necessary infrastructure to provide seamless and secure instant payment services. As the adoption of instant payments continues to grow, it offers significant benefits for enhancing cash flow management, operational efficiency, and the overall customer experience.
Source of the news: The Paypers
The post Instant Payments Regulation: Overview for Banks and Corporate Treasurers appeared first on HIPTHER Alerts.
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