Brand expansion: Intercontinental looks for new India partner
Intercontinental Hotel Company or IHG, the NYSE and LSE-listed hospitality major, is looking for a new domestic partner to expand the Intercontinental brand in India. Sachin Dave reports.business Updated: Apr 05, 2012 21:53 IST
Intercontinental Hotel Company or IHG, the NYSE and LSE-listed hospitality major, is looking for a new domestic partner to expand the Intercontinental brand in India.
Some time back IHG had parted ways with its Indian partner — The Lalit Group headed by Lalit Suri. “We are clear about one thing that we will partner with a domestic player to expand our iconic brand the Intercontinental in India,” said Chris Maloney, chief operating officer, South West Asia, IHG. “We would form a special purpose vehicle and expand through it.”
IHG currently has 12 hotels in India. The company is planning to go aggressive for other brands, mainly Holiday Inn and Holiday Inn Express. “There are 47 hotels which are in pipeline and our plan is to have 150 hotels in India by 2020,” said Paul Logan, senior vice-president development, Asia, West Asia and Africa.
IHG had invested around Rs153 crore last year in a joint venture company with global asset manager the Duet Group. IHG holds a 24% stake in the joint venture.