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Owners of Crowne Plaza hotels are investing $250 million in renovations to InterContinental Hotel Group's upscale brands. "We've seen a period of incredible growth over the past few years, mostly with conversion properties," says Gina LaBarre, vice president, brand management, Crowne Plaza Hotels & Resort-the Americas. "To become even stronger players in the market, we're elevating the brand a step further through a resurgence of major property renovations."
Hotels who have already undergone makeovers are reporting improved performance. The Crowne Plaza in New York City's Times Square recently underwent an $85 million transformation. "The hotel has been able to achieve double-digit revPAR index gains every month in 2009," says Nan Molofsky, senior vice president, City Investment Fund, the ownership group for the hotel.
The story is similar at the Crowne Plaza Old Town Alexandria in Washington D.C., which completed renovations to the guestrooms, meeting space, restaurant, and lobby in March 2008. "After just one year we have seen 11 straight months of positive revPAR index growth," says Hammad Shah, vice president, asset management, Carr Hospitality.
IHG expects that as much as half of the Crowne Plaza portfolio with be completely renovated by year's end.
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Crowne Plaza Brand Embarks on $250 Million Makeover
June 29, 2009Owners of Crowne Plaza hotels are investing $250 million in renovations to InterContinental Hotel Group's upscale brands. "We've seen a period of incredible growth over the past few years, mostly with conversion properties," says Gina LaBarre, vice president, brand management, Crowne Plaza Hotels & Resort-the Americas. "To become even stronger players in the market, we're elevating the brand a step further through a resurgence of major property renovations."
Hotels who have already undergone makeovers are reporting improved performance. The Crowne Plaza in New York City's Times Square recently underwent an $85 million transformation. "The hotel has been able to achieve double-digit revPAR index gains every month in 2009," says Nan Molofsky, senior vice president, City Investment Fund, the ownership group for the hotel.
The story is similar at the Crowne Plaza Old Town Alexandria in Washington D.C., which completed renovations to the guestrooms, meeting space, restaurant, and lobby in March 2008. "After just one year we have seen 11 straight months of positive revPAR index growth," says Hammad Shah, vice president, asset management, Carr Hospitality.
IHG expects that as much as half of the Crowne Plaza portfolio with be completely renovated by year's end.
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