StayWell Hospitality Group is eyeing to have 250 hotels globally in the next 10 years. India is also set to contribute to this expansion and growth plan.
Currently, StayWell is operating 75 hotels across the world with 52 owned and remaining on management and franchise contracts. The group at present operates 5 key brands, including The Prince Akatoki, Park Regis, Policy, Prince and Leisure Inn.
Rohit Vig, Regional Managing Director (India), StayWell Hospitality Group, said, “This year, between September to December, we have about 5 openings globally.”
Presently, the group has 6 operational properties in India and 6 properties are under development.
“We have 3 Park Regis in India one each in Goa, Kumarakom and Jaipur. We already have over 10 Lesiure Inn all across the world and we have 3 hotels already operational in India one each in Jaipur, Gurgaon and Kochi. We have 6 more hotels under development under Leisure Inn and Park Regis both,” Vig stated.
Recently, StayWell launched the first ‘The Prince Akatoki’ hotel in London and the second hotel under this brand is set to unveil in Guangzhou, China, in January 2020.
Vig said, “The Prince Akatoki will come to India also in 2020 and the key target cities would be Delhi and Mumbai. This may come through a management contract or by acquisition. If we find the right deal, the right location and the right product, we might go for acquisition.”
The group’s expansion in India will be a combination of both owned and management contracts.
“We also do investments in India through deposits called Key Money. So, for Park Regis, we are very happy to look at that route of expansion under the management contract to grow this brand quickly. We actually have 350-room hotel that we have signed the term sheet and we are looking at signing the final contract within this year which will open doors in Q1 of 2020,” he added.
