Published on : Tuesday, April 30, 2019
InterGlobe Hotels plans to invest around Rs 700 crore to add six hotels in India by 2022. InterGlobe Hotels, a joint venture between InterGlobe Enterprises and global hospitality major Accor Hotels. While Accor owns 40 percent stake in the JV, InterGlobe Enterprises has a 60 per cent stake. The company currently has 19 hotels with 3,559 rooms, across the country under ‘Ibis’ brand.
The new hotels will come up at Bengaluru, Mumbai, Thane and Goa – adding 980 roooms.
InterGlobe Hotels has already invested around Rs 2,000 crore in the portfolio of ‘Ibis’ hotels so far, as per J B Singh, InterGlobe Hotels President and CEO. The company also follows the strategy of densifying presence in the cities where we are already present.
According to him, they look at almost 200 opportunities in a year where they can invest, but they have their own criteria for investment. They focus on the cities and locations where they want to be present.
He believes that there is a huge need for more hotel rooms given the rate the economy is growing. There is a vacuum in the mid-market segment and the opportunity here is enormous.
InterGlobe Hotels will fund the expansion with equal portions of debt and equity.