Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
CO-PRESENTED BY
LIVE TV DownloadNews18 App
News18 English
272
nda:
Needmore seats to Win
Needmore seats to Win
upa:
»
1-min read

InterGlobe Hotels Plans Rs 700 Crore Investment to Add 6 Hotels in India by 2022

The company currently has 19 hotels across the country under 'ibis' brand with 3,559 rooms.

PTI

Updated:April 28, 2019, 3:15 PM IST
facebookTwittergoogleskypewhatsapp
InterGlobe Hotels Plans Rs 700 Crore Investment to Add 6 Hotels in India by 2022
File photo of an InterGlobe hotel.
Loading...
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.

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 per cent will be equity and 50 per cent 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 per cent stake in the JV, InterGlobe Enterprises has a 60 per cent stake, Singh said.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
 
Most Active
Company Price Change %Gain
ICICI Bank 431.75 5.09
Reliance 1,336.85 0.22
SBI 355.35 3.84
IndusInd Bank 1,648.90 3.14
Larsen 1,544.15 4.61
Company Price Change %Gain
GRUH Finance 313.30 -4.42
Reliance 1,336.80 0.07
Larsen 1,543.65 4.60
SpiceJet 141.55 9.64
SBI 354.60 3.59
Top Gainers
Company Price Change %Gain
ICICI Bank 431.75 5.09
Larsen 1,544.15 4.61
Zee Entertain 376.85 4.55
JSW Steel 288.00 4.37
Bharti Airtel 353.20 4.25
Company Price Change %Gain
ICICI Bank 431.50 5.09
Larsen 1,543.65 4.60
Bharti Airtel 353.30 4.40
Vedanta 163.85 4.20
Tata Motors 182.15 4.09
Top Losers
Company Price Change %Gain
Tech Mahindra 735.85 -1.00
NTPC 129.15 -0.54
TCS 2,048.00 -0.29
HUL 1,749.60 -0.24
HCL Tech 1,065.95 -0.04
Company Price Change %Gain
NTPC 129.20 -0.54
HCL Tech 1,061.65 -0.46
TCS 2,049.65 -0.20
HUL 1,749.20 -0.10

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results