Intercontinental Hotels Group is set to unveil a new all-suites brand this year, targeting an US$18 billion industry segment which has seen strong growth in recent years.

The group confirmed plans for the new upper midscale brand within its 2018 full-year results presentation, where it reported operating profits of US$816 million, up 8 per cent on 2017.

IHG said the launch would build on “existing mainstream strength”, in an industry segment with has seen a 70 per cent increase in room supply in the last four years, driven by strong guest and owner demand.

The group already operates extended stay brands Candlewood Suites and Staybridge Suites (pictured above is the newly opened Staybridge Suites Dundee).

No further details were given regarding the planned launch, although quotes IHG’s CEO Keith Barr as saying that the brand will be priced “around the rate of Staybridge Suites”, with a focus on new-builds.

Last year the group acquired luxury hotel chain Regent Hotels, and earlier this month it announced plans to purchase Thailand-based Six Senses Hotels, Resorts and Spas for US$300 million.

IHG is also in the process of rolling out new brands Avid and Voco, as well as renewing its Holiday Inn and Crowne Plaza products.