InterGlobe Hotels plans Rs 700 cr investment to add 6 hotels in India by 2022

InterGlobe Hotels was established in 2004 for development of the 'ibis' network of hotels in India, Nepal, Sri Lanka and Bangladesh

Press Trust of India April 29, 2019 07:36:32 IST
InterGlobe Hotels plans Rs 700 cr investment to add 6 hotels in India by 2022
  • InterGlobe Hotels is a joint venture between InterGlobe Enterprises and global hospitality major Accor Hotels

  • The new hotels will come up at Bengaluru, Mumbai, Thane and Goa.

  • InterGlobe Hotels was established in 2004 for development of the 'ibis' network of hotels in India, Nepal, Sri Lanka and Bangladesh

New Delhi: InterGlobe Hotels, a joint venture between InterGlobe Enterprises and global hospitality major Accor Hotels, plans to invest around Rs 700 crore to add six hotels in India by 2022, a top company official said. The company currently has 19 hotels across the country under 'Ibis' brand with 3,559 rooms.

"By 2022 we will have up to 25 hotels in India. We will be adding 6 more hotels in the country. We will be investing around Rs 700 crore for this expansion," InterGlobe Hotels President and CEO J B Singh told PTI.

The new hotels will come up at Bengaluru, Mumbai, Thane and Goa. With the addition of these six hotels, we will be adding around 980 roooms, he added.

InterGlobe Hotels has already invested around Rs 2,000 crore in the portfolio of 'Ibis' hotels so far, Singh said.

InterGlobe Hotels plans Rs 700 cr investment to add 6 hotels in India by 2022

Representative image. Reuters

When asked about the strategy the company follows for expansion, he said; "In our system of development, we look at almost 200 opportunities in a year where we can invest, but we have our own criteria for investment. We focus on the cities and locations where we want to be present".

Secondly the company also follows the strategy of densifying presence in the cities where we are already present, he added.

On being asked how the InterGlobe Hotels will fund the expansion, Singh said: "It will be through a mix of debt and equity. Around 50 percent will be equity and 50 percent will be debt".

Highlighting the need for more hotel rooms in the country, Singh said, "There is a huge need for more hotel rooms at the rate the economy is growing. There is vacuum in the mid-market segment. Opportunity here is enormous".

InterGlobe Hotels was established in 2004 for development of the 'ibis' network of hotels in India, Nepal, Sri Lanka and Bangladesh. While Accor owns 40 percent stake in the JV, InterGlobe Enterprises has a 60 per cent stake, Singh said.

Updated Date:

also read

Capture the Dream is a fine blend of information, entertainment & inspiration packed into the story of CP Krishnan Nair
Arts & Culture

Capture the Dream is a fine blend of information, entertainment & inspiration packed into the story of CP Krishnan Nair

Bachi Karkaria's Capture the Dream: The Many Lives of Captain C.P. Krishnan Nair will boost the confidence of people with big and bold dreams, regardless of their age.

From hiring private planes to hotel rooms, how expensive has the Maharashtra political crisis been?
Politics

From hiring private planes to hotel rooms, how expensive has the Maharashtra political crisis been?

With hotel rooms costing Rs 56 lakh to chartering planes for Rs 50 lakh, it appears that Eknath Shinde is sparing no expense in keeping his supporters comfortable, as the Maharashtra political crisis unfolds