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Indian Hotels to introduce new hotel brand in mid-scale segment

Indian Hotels to introduce new hotel brand in mid-scale segment
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First Published: Wed, Apr 06 2011. 06 14 PM IST
Updated: Wed, Apr 06 2011. 06 14 PM IST
Mumbai: Indian Hotels Ltd plans to introduce a new hotel brand in the mid-scale segment and consolidate its foreign brands under one holding company, a top official said on Wednesday.
The hotel chain operator currently operates the Taj brand in the luxury five-star segment, the Vivanta brand in the four star segment, Gateway Hotels in the three star segment and Ginger in the budget space.
“We are not in the mid scale segment so that is one brand we will look at in the coming years,” Raymond Bickson, managing director said.
Indian hotels also plans to consolidate its overseas properties in markets such as the US, UK and the Middle East, which is held through various subsidiaries.
“It’s a complicated process. It affects 6-7 countries so it is likely to take 18-24 months to complete the process,” Bickson said on the sidelines of the Hotel Investment Conference, South Asia.
Indian Hotels aims to add between 1,500 to 2,000 rooms in the current fiscal year across 11 new properties and plans to increase its room tally in India to 20,000 by 2015 from the current 13,250.
Indian Hotels aims to have revenues of $2 billion by 2015. In 2010 the company posted total revenues of $556.3 million.
India is likely to see investments worth $10.3 billion between 2010 to 2015 on construction of new hotels in the branded space, Manav Thadani, chairman of hospitality consultancy HVS India, said at the conference.
Shares of the company ended 0.46% lower in the Bombay Stock Exchange.
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First Published: Wed, Apr 06 2011. 06 14 PM IST