InterGlobe Hotels plans $100mn investment in India

InterGlobe Hotels, a joint venture between InterGlobe Enterprises and global hospitality major Accor Hotels, plans to invest around approximately $100 million (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. J.B. Singh, President and CEO, InterGlobe Hotels, told Indian media: "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." 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 rooms, he added. InterGlobe Hotels has already invested around $285 million (Rs 2,000 crore) in the portfolio of ′ibis′ hotels so far, Singh said. InterGlobe Hotels was established in 2004 for development of the ′ibis′ network of hotels in India, Nepal, Sri Lanka and Bangladesh. While Accor owns a 40 per cent stake in the JV, InterGlobe Enterprises has a 60 per cent stake.