InterContinental Hotels Group (IHG) is to build 19 Holiday Inn Express hotels in India over the next five years. To do so, it is investing US$30 million to acquire a 24% stake in a joint venture with Duet India Hotels Group. IHG’s investment in the joint venture will be paid over three years.
The hotel developments, which will be located in Delhi, Mumbai and Bangalore, are expected to be completed by 2016, with the first hotel opening planned for the middle of 2012.
Anuj Gupta, the managing partner and CEO of Duet, said: “mid-market hotels are the core focus of our hotel business in India … [This market sector] offers a compelling investment proposition given favourable demand-supply dynamics and an attractive build cost to operating returns equation.”
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