InterContinental Group and Hamburg headquartered Novum Hotel Group announced their ambitious plans regarding European development. Together, the companies are ready to open as many as 20 hotels in popular European destinations. It is reported that the companies are particularly interested in launching hotels in Germany, the Netherlands and Austria.
Novum is not a new player on the European market. The company’s portfolio in the region includes 99 properties. The European portfolio of InterContinental is even bigger more than 650 hotels in different parts of Europe, 64 of which are located in Germany. Novum will be a developing company, while IHG will manage new properties under franchise agreement. Both the companies have already expressed their delight with the deal and hopes for mutually beneficial partnership. European market keeps growing, so the companies see a lot of potential in the market, especially when it comes to branded hotels. Novum also considers franchise agreements a key to their future international expansion.