iNVEZZ.com, Monday, March 31: InterContinental Hotels Group (LON:IHG) has announced a strategic partnership with Amadeus, a Spain-based provider of advanced technology solutions for the global travel industry.
In a statement released today, IHG revealed that the first phase of the strategic relationship between the two companies will be focused on planning and development. This will involve scoping out and creating a roadmap for potential technologies and solutions that will drive innovation in the industry.
The UK-based hotel operator noted that consumer technology has become an increasingly important part of being able to anticipate and meet changing consumer needs and IHG “is committed to maintaining its industry-leading position in this area”.
The group’s executive vice president and chief information officer, Eric Pearson, stated that InterContinental Hotels has a long track record of investing in relevant technologies to support its brand promise and build a closer relationship with its guests. “Partnering with Amadeus will help us continue to do just that. We look forward to working with them,” he added.
Amadeus head of hotel business, Jeff Edwards, also commented on the deal: “The marriage of IHG’s unique insight and world class guest care with Amadeus’ technology vision and infrastructure capabilities has the potential to deliver a step change in hotel solutions”.
**IHG completes sale of hotel in San Francisco**
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On Friday, InterContinental Hotels announced that it had completed the sale of its hotel, InterContinental Mark Hopkins San Francisco. IHG, which also runs the Holiday Inn hotel chain, received gross proceeds of $120 million in cash. It will continue to manage the hotel under a long-term management contract.
The property was bought by a joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management, IHG further revealed.
**InterContinental Hotels share price volatile**
InterContinental Hotels’ share price has been volatile today. After falling more than one percent in early trading, the stock edged higher and as of 14:35 UTC, shares in the FTSE 100-listed company had risen 0.28 percent to 1,937.46p.
According to AnalystRatingsNetwork data, three research analysts have a ‘sell’ rating on the hotel operator, 10 have it as a ‘hold’ and 16 rate it as a ‘buy’. The stock’s consensus rating is ‘hold’ with an average price target of 2,086.33p.
**As of 14:21 UTC, buy InterContinental Hotels shares at 1,937.00p**
**As of 14:21 UTC, sell InterContinental Hotels shares at 1,935.00p.**