Nepalese Billionaire Binod Chaudhary Deepens Marriott Partnership With Indian Hotels Venture
Under the deal announced late Thursday, Marriott and CG Hospitality's Concept Hospitality, the hotel management company behind The Fern chain of hotels, have agreed to develop 380 new hotels and resorts across India over the next five years. The Fern currently operates over 120 properties in the country.
'With this partnership, we're aiming to grow The Fern to 500 hotels by 2030, potentially making it the largest brand in its segment in India, while expanding CG Hospitality's global footprint to 650 hotels,' said Rahul Chaudhary, managing director & CEO of CG Corp Global and CG Hospitality.
The deal, which includes a reported $15 million investment by Marriott into Concept Hospitality, also marks the global debut of Marriott's new midscale and upscale lodging brand, Series by Marriott. The Fern's portfolio will also complement Marriott's existing 158 properties that it manages in India under various brands.
'This deal will significantly strengthen Marriott's leadership in India, a key growth market,' said Anthony Capuano, president and CEO of Marriott International. Marriott expects India to become its third-largest market after the U.S. and China within the next few years, up from fifth place currently.
Chaudhary's CG Hospitality currently manages 195 hotels, resorts, and wellness destinations across 12 countries through brands such as Taj, Taj Safari, and Vivanta. The company also recently agreed to include The Farm at San Benito in Batangas, south of Manila, as part of Marriott's Autograph Collection. The 70-hectare rebranded luxury wellness resort aims to open in the third quarter of this year. Chaudhary also wants to replicate the wellness resort concept in India.
Besides his interest in hotels, Chaudhary also holds stakes in Nepal-based privately owned Nabil Bank and CG Foods, maker of Wai Wai instant noodles. With a net worth of $2 billion, Chaudhary is Nepal's sole billionaire.
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