IHG and Franzé Developments create A$200m partnership

Hotel operator IHG and Franzé Developments have entered into 20-year management agreement to open and operate the Holiday Inn and Suites Geelong in Australia, the largest hotel in the regional city.

The joint venture is worth A$200 million ($150 million).

Opening in 2020, the 190-room property will be the first new hotel in Geelong in nearly 20 years. The last hotel to open in Geelong was the nearby Four Points Sheraton Geelong in 2001, rebranded the Novotel Geelong in 2014, after Accor acquired the management rights, according to Australia Financial Review.

Franzé Developments announced that it had acquired the central CBD site in April, highlighting plans to build Geelong’s largest mixed-use development with a gross floor area of more than 355,000 square feet, including more than 107,600 square feet of retail and office space, 24 modern residences, co-working space, and the flagship Holiday Inn hotel.

The hotel itself will boast an all-day