IHG to End Partnership with Venetian and Palazzo
IHG is ending its licensing agreement with two popular properties in Las Vegas, the Venetian and the Palazzo. The 15-year-old partnership will be terminated on Jan. 1, 2025.
The news was shared during an earnings call on Tuesday. The two sides had entered into a 10-year agreement in 2010 that was later amended to a 15-year deal.
The partnership allowed IHG rewards members to take advantage of some exclusive perks, and using points to stay at The Venetian or Palazzo.
“Although the end of this agreement will remove 7,092 rooms or approximately 0.7 percent from IHG’s overall system size in 2025, the unique nature of the fee structure under this particular licensing agreement means it contributed less than $1 million or 0.1 percent of IHG’s revenue from fee business in 2023 and a net nil contribution to operating profit from reportable segments,” IHG representatives said.
The news comes just one a day after MGM Resorts and Marriott said the Delano at the Mandalay Bay campus will be rebranded to a W hotel later this year.
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