IHCL building ₹4,000-cr new hospitality structures
The Indian Hotels Co. Ltd (IHCL), owners of the Taj hotel chain, have signed a strategic partnership with Singapore's sovereign wealth fund GIC Pte Ltd to jointly invest around ₹4,000 crore over three years. Among others, the investment platform will acquire fully operational hotels in the luxury, upper upscale and upscale segments in India. The equity contribution from IHCL will be 30% and the balance will be from GIC. As a long-term investor, the company is confident in the outlook of India's hospitality sector and is keen to partner with established partners such as IHCL to pursue attractive opportunities, said chief investment officer, GIC Real Estate, Kok Sun Lee. He informed that the acquisitions will be housed in a separate special purpose vehicle (SPV), but will be managed by IHCL. South Asia's most profitable hospitality company, IHCL signed up 22 hotels in 2018-19 and added an inventory of over 3,200 rooms to its portfolio via 18 management contracts and four operating leases in India and in key international markets, including London, Mecca, Kathmandu and Dubai.
📅Published on:
24 May 2019
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