Global hospitality company InterContinental Hotels Group (IHG) is set to open its first Australian dual-branded hotel by 2022 in Melbourne’s Bourke Street mall in the redeveloped Walk Arcade.

IHG has signed a long-term agreement with Singapore-based investor Hua Sin Tay to develop the dual-branded hotel including Hotel Indigo Melbourne Little Collins and Holiday Inn Melbourne Bourke Street Mall. Hua Sin Tay is the owner of the Walk Arcade.

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Under the terms of the agreement, the Arcade will be replaced with a $200m mixed use project containing the two hotels, with a total of 453 rooms, besides retail space on the ground floor. Richwood Investments subsidiary Focus Ventures is leading these projects.

The 272-room Holiday Inn and 181-room Hotel Indigo are slated to open in 2022 and will be managed by IHG.

Focus Ventures spokesperson Tony Tai said: “Together with our consultants, we have put forth a combined retail and hotel site plan that is able to attract top retailers from around the world.

“The new hotel/retail development is projected to attract over $100m of annual spending by visitors and shoppers. In addition, it will create over 1,000 new direct jobs and 900 indirect jobs for the state.”

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Holiday Inn Melbourne Bourke Street Mall complements the 16 Holiday Inn hotels already open across Australasia, including Holiday Inn Melbourne on Flinders.

At present, IHG operates 47 hotels under four brands in Australasia, including: InterContinental, Crowne Plaza, Holiday Inn and Holiday Inn Express, with another 17 in the pipeline, including Hotel Indigo Brisbane Fortitude Valley and Hotel Indigo Melbourne Docklands.