Tag Archives: Holiday Inn

Intercontinental Hotels Group grows vicinity in India with two new lodgings

Worldwide Hospitality brand Intercontinental Hotels Group (IHG) today reported setting up of two Holiday Inn Express Hotels, one each in Chennai and New Delhi, as a feature of its development arranges in the nation.

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Set up on the Old Mahabalipuram Road (IT Corridor) in Chennai, the office is a 136-room inn suitable for business and relaxation voyagers, an organization explanation said.

In addition, giving access to a few car organizations and IT firms, the inn is likewise near different amusement stops and shoreline, it said.

The Holiday Inn Express in New Delhi, on the International Airport Terminal – III outfitted with 93 rooms is the first to open an inn in airplane terminal available to both universal and residential terminals.

“Occasion Inn Express is truly picking up force in India as we keep on expanding our image the nation over,” InterContinental Hotels Group, Head-South West Asia, Shantha de Silva said.

“We are eager to be opening the entryways of these two inns and we are certain they will be the most obvious decision for savvy explorers going to New Delhi and Chennai,” Silva said.

The Group has 26 inns crosswise over four brands in India including InterContinental, Crowne Plaza, Holiday Inn and Holiday Inn Express.

At present, there are three Holiday Inn Express inns in India and another 18 in the pipeline, it included.

Vascon, 3 other partners exit Pune’s 4 star hotel Holiday Inn

Pune-based Vascon Engineers and three other partners in the 4 star business hotel Holiday Inn, Pune have sold their entire stake for an enter prise valuation of Rs 150 crore. The 176-room property in Hinjewadi locality has been sold to a group with interests in the education sector across the country.

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Vascon Engineers was the majority stake holder in the property with a 35 per cent stake, while the other three local partners operating in real estate business together owned 65 per cent in the fourstar category business hotel. The partners will receive money after repaying debt worth Rs 90 crore on the property.

Siddharth Vasudevan, COO of Vascon Engineers, confirmed the stake sale. “The decision to sell our stake in this property is in line with our strategy to reduce debt. We are looking to raise total Rs 100 crore through the sale of non-core assets, including this property over the next 6-8 months.”

The property has been in operation for the past three years. “The property has the potential for another 100 keys in a separate wing,” Vasudevan added.

Vascon Engineers is planning to raise Rs 200 crore for trimming debt and expanding its real estate business. The company plans to raise half the amount by selling its non-core assets, including land parcels.

The company, which has interests in real estate, EPC (engineering, procurement and construction) and clean room partitioning business, recently raised Rs 100 crore through a rights issue. It also owns 20 per cent stake in the five-star property Hyatt Regency in Pune and 50 per cent stake in the Royal Orchid Beach Resort and Spa in Goa.

Deals have picked up in the hospitality sector over the past nine months with softening of valuations and improved market conditions, bringing buyers back to the market after more than two years.

InterContinental Hotels to open 47 properties in India by 2020

Hospitality major InterContinental Hotels Group (IHG) will open 47 new properties in India by 2020, mainly in the mid-scale segment, as part of its expansion plans for the country.

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“Over the next 3-5 years, we have a pipeline of about 47 hotels across India. We currently have 22 hotels here,” IHG South West Asia Head Shantha de Silva told PTI.

India is very important for the company as it is the third largest growing market after the US and China, he added. The hospitality major is betting big on the mid-scale segment for growth in India going ahead.

“Going forward, mid-scale segment is where the most launches will be. India has a very huge middle class and the domestic travel is increasing tremendously. There is also continuing infrastructure improvement,” Silva said.

Focus on mid-scale segment will also help the company in entering tier-II and tier-III cities, he added. Stating that the company follows “an asset light model”, he said, “We will be mainly following the management contract model here.”

When asked if IHG would also bring more brands to India, de Silva said it may not be the case in the near future. It operates four brands here — India-InterContinental, Crowne Plaza, Holiday Inn and Holiday Inn Express.

IHG currently has 7.24 lakh rooms across more than 4,900 hotels in nearly 100 countries. It operates hotels under three different models — franchiser, manager and on an owned-and-leased basis. The largest part of business globally is under the franchise model.

The global hospitality chain operates brands including InterContinental, Hualuxe, Crowne Plaza, Hotel Indigo, Holiday Inn, Holiday Inn Express, Staybridge Suites and Candlewood Suites.

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