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April 10, 2011

IHG, Duet India to Develop 19 Hotels

IHG has signed a joint venture and 20-year management agreement with Duet India Hotels Group to develop 19 new Holiday Inn Express hotels across India. Under the agreement, IHG will pay $30m for a 24% equity stake in the partnership, which will see the development of the hotels over th

By cms admin

IHG has signed a joint venture and 20-year management agreement with Duet India Hotels Group to develop 19 new Holiday Inn Express hotels across India.

Under the agreement, IHG will pay $30m for a 24% equity stake in the partnership, which will see the development of the hotels over the next five years.

The hotels will add 3,300 rooms to IHG’s hotel pipeline as part of the company’s aim to add 46 hotels with 10,000 rooms in India by 2016.

The new Holiday Inn Express hotels will be located in key cities such as New Delhi, Mumbai and Bangalore.

IHG operates 2,075 Holiday Inn Express hotels globally, with 494 properties under development.

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