Accor to double its properties in India in 20121 min read . Updated: 04 Apr 2012, 10:02 PM IST
Accor to double its properties in India in 2012
New Delhi: French hotel company Accor SA plans to almost double its portfolio of hotels in India to 23 by adding 11 more by the end of 2012, giving a big push to its economy and budget hotel business in the country.
The group will open five hotels in April under the brands Ibis, Formula 1, Pullman and Novotel. The rest will open before the close of 2012.
Accor operates 12 hotels in India, of which one-third are in the budget and economy segment. The company intends to have 90 hotels in India open or in the pipeline by 2015.
Nine out of 11 hotels to open this year will be in the budget and economy segment under the brands Ibis and Formula 1, in which Accor will invest 100% of the cost. The segment constitutes 75% of its total hotel network, operational and in the pipeline.
Accor, one of the few foreign hotel operators to own assets in India, will be investing in excess of Rs250 crore in the current year, excluding the cost of land, according to a back-of-the-envelope calculation.
“We will be adding around 2,000 rooms by 2012, of which 80% will be in budget or economy section," Lokesh Sabharwal, vice president, development, India, Nepal, Bangladesh and Sri Lanka, said in an interview last month.
The company recently acquired a hotel group in Australia. “We are open to such opportunities in India," said Sabharwal.