Latest news with #BrijHospitality
Skift
3 days ago
- Business
- Skift
IHCL Acquires Majority Stake in Clarks Hotels Operators
Indian Hotels Company Limited has agreed to acquire a 51% stake in ANK Hotels Private Limited and Pride Hospitality Private Limited for Rs 204 crore. IHCL plans to rebrand most of the acquired properties as Ginger hotels, expanding its Ginger brand to a portfolio of 250 hotels. ANK and Pride manage a combined total of 135 hotels under The Clarks Hotels & Resorts brand. IHCL wants to make Ginger Hotels the number one mid-market brand in India. IHCL also signed a marketing and distribution agreement with Brij Hospitality, which has a portfolio of 19 hotels under the Brij brand, primarily across India. The transactions are expected to be completed by November 15th. For context, read Skift's IHCL Buys Into Clarks Hotels: What CEO Told Analysts About the Deal. ITC Hotels plans to surpass 220 hotels by 2030, focusing on furthering its expansion in the luxury and premium hotel segment. At their AGM, the Chairman's opening speech included that they are o
Skift
3 days ago
- Business
- Skift
IHCL Buys Into Clarks Hotels: What CEO Told Analysts About the Deal
In its biggest push yet into India's mid-market hotel segment, Taj-parent Indian Hotels Company Ltd. (IHCL) announced acquiring a controlling 51% stake in ANK Hotels and Pride Hospitality, which together operate 135 hotels under The Clarks Hotels and Resorts. IHCL also signed a marketing and distribution agreement with Brij Hospitality, a boutique chain with heritage and leisure properties. CFO Ankur Dalwani said the total investment is over INR 2 billion ($23 million), split between INR 1.1 billion ($12.5 million) for ANK and INR 940 million ($10.5 million) for Pride. About 80% of the funds will go directly into the companies to pay for upgrades, renovations, and shifting some hotels from management contracts to revenue-share models. The current owners will keep 49% and continue running the companies, with IHCL providing management oversight. IHCl said it expects the deal to close before fiscal 2027. The acquisitions w
