Episode 9: Hylko Versteeg, IHG Hotels & Resorts
Despite the challenges posed by the pandemic, IHG has remained committed to its expansion plans. In the past two years, the hospitality group has signed numerous deals across the globe, with Europe being a key focus. The company aims to have 60 hotels in operation by 2035 and recently debuted the InterContinental brand in Albania. IHG is confident Southeast Europe presents many growth opportunities and is committed to investing in the region. For more insight into IHG's recent developments and plans for the SEE region, Ali Shahid welcomed Hylko Versteeg, who heads development in Southern Europe for IHG, for the ninth episode of the IDEEA podcast. Across the deals being put forward, the request for luxury projects has increased, leading to higher interest in opportunities in Southeast Europe. Regarding liquidity among investors, Hylko believes there is more available than ever, and investors are looking for investment projects. The pandemic has also forced the younger generation who have come into hotel ownership as part of the family business to re-evaluate whether they would like to continue in the same vein seeing the hard work and effort needed to make these investments work. The sale of assets from those unwilling to continue has created opportunities for brands and operators to enter markets, which would not have been possible previously. Italy is such a market which ample opportunities and few branded hotels. Success is not without challenges, so despite the optimism around current opportunities and performance, IHG is staying alert on issues such as sustainability and staffing impacting the wider industry. Grab a tea or coffee and take 15 minutes to hear the insights being shared by Hylko in this episode.