NEW DELHI, INDIA—IHG signed a joint-venture partnership with Duet India Hotels Group, the hotel investment arm of global asset manager Duet Group, to develop 19 new Holiday Inn Express hotels across India.
IHG will invest through a 24 percent equity stake, making a multi-year investment of $30 million into the partnership, to support the building of the hotels over the next five years.
The effort will add approximately 3,300 rooms to IHG’s current India development pipeline of more than 46 hotels representing 10,000 rooms.
The hotels will be located primarily in India’s major metro and key secondary cities, including New Delhi, Mumbai and Bangalore.
According to IHG, there are now 2,075 Holiday Inn Express hotels open and 494 hotels under development around the world.