Holiday Inn Express to Develop Hotels Across India
The hotels will be built over the next five years, adding approximately 3,300 rooms to InterContinental Hotels current India collection that is already over 10,000 rooms strong.
The hotels will be primarily located in India's major metros and key secondary cities, and are all expected to be open by 2016.
"With strong economic growth and an expanding middle class in India, we forecast strong future demand for mid-market and select service hotels, cementing Holiday Inn Express' position as one of the fastest growing brands in the hotel industry," says Richard Solomons, IHG's Chief Financial Officer in a press release.
According to the release, Holiday Inn Express opens an average of two hotels a week across the globe. There are now 2,075 hotels open under the brand, plus 494 hotels under development.
"The mid-market hotel space in India offers a compelling investment proposition given favorable demand-supply dynamics and an attractive build cost to operating returns equation," says Anuj Gupta, Managing Partner and Duet Group's India Chief Financial Officer.
The news comes just as Starwood announced the brand plans to have 100 hotels open across India by 2015. Starwood currently has just 31 hotels in India, and will add seven by the end of this year.
Also on the InterContinental Hotels front, the largest Holiday Inn in Canada, a 513-room hotel in downtown Toronto, opened its doors today.
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