IHCL and GIC Create a RS. 4000 Cr. / USD 600 Million Platform To Acquire Hotel Assets

Home Hotel & Lodging IHCL and GIC Create a RS. 4000 Cr. / USD 600 Million Platform To Acquire Hotel Assets
IHCL and GIC Create a RS. 4000 Cr. / USD 600 Million Platform To Acquire Hotel Assets

This Platform will look at potential hotel assets primarily located in key lodging markets in India. The mandate is to acquire fully operational hotels which will also include distressed or underperforming hotels that can be turned around banking on IHCL’s experience and capabilities.

Commenting on the signing of this agreement, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL said, “We are delighted to partner with GIC, one of the most reputable global investors. This collaboration is in line with Aspiration 2022 and our vision to scale up, create greater enterprise value and make IHCL South Asia’s most iconic and profitable hospitality company. Through this Platform, we expect to acquire strategic and marquee assets that need new ownership, branding and positioning.”

Mr. Kok Sun Lee, Chief Investment Officer of GIC Real Estate, said, “GIC is pleased to partner with IHCL, a leading hotel owner and operator, to build a quality hospitality portfolio in key destinations across India. As a long-term investor, we are confident in the outlook of India’s hospitality sector. We look forward to working closely with established partners such as IHCL to pursue attractive opportunities and capture the sector’s growth potential.”

About The Indian Hotels Company Limited (IHCL)

The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj– the hallmark of iconic hospitality, SeleQtions, a named collection of hotels, Vivanta, sophisticated upscale hotels and Ginger which is revolutionizing the lean luxe segment.

Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel – The Taj Mahal Palace, in Bombay in 1903. IHCL operates 179 hotels including 30 under development globally across 4 continents, 12 countries and in over 80 locations.

The Indian Hotels Company Limited (IHCL) is South Asia’s largest Indian hospitality company by market capitalization. It is primarily listed on the BSE and NSE.

Please visit: www.theindianhotels.com; www.tajhotels.com; www.seleqtionshotels.com; www.gingerhotels.com
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