InterGlobe Hotels is eyeing investment of Rs 10 billion to expand its portfolio of mid-market hotels in India.
InterGlobe Hotels is a joint venture between Indigo Airlines owner InterGlobe Enterprises and Accor, the French hospitality major. Currently, the Gurgaon-headquartered company owns sixteen hotels, which are run under the ibis brand. It will launch its seventeenth hotel in Kolkata next month.
J B Singh, President and Chief Executive Officer, InterGlobe Hotels, said, "We have another five hotels under various stages of development and will get launched by 2020. The committed investment in these is Rs 6 billion while we continue to look for more sites."
Apart from these hotels, InterGlobe Enterprises also has some special purpose vehicles with Accor under which it owns seven hotels, which are run under brands such as Novotel and Pullman.
InterGlobe Hotels is looking at 18-19 new cities for an expansion besides building more hotels in its existing markets like Mumbai and Goa.
"We believe we have created a good critical mass for ourselves. We also believe that the current big cities where we operate can take more hotels. If we get a good site in Mumbai, I will take it. The market is wide open for products like us," Singh further said.
