Post Date: 18 May 2019 || Takeaways :
Three-year, Rs 4,000-crore investment platform to acquire hotels in the luxury, upper-upscale and upscale segments
Partnership to pursue acquisitions in an “asset-light format,” favouring management contracts over complete property ownership.
Under the deal, equity contribution from IHCL will be 30% with the rest to be contributed by GIC over three years.
IHCL said it would sell noncore assets and become less ownership driven as part of its Aspiration 2022 strategy, which was announced in February last year. As much as 60% of the properties it runs will not be owned by the company by 2022.
The company has been on an aggressive management contract signing spree under Chhatwal, adding 22 hotels with an inventory of over 3,200 rooms across brands in India and key international markets such as London, Makkah, Kathmandu and Dubai in the year ended March.
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