Indian Hotels Company (IHCL) has announced the agreement signing for 10 new hotels spread across the southern states of India
This capital light arrangement will be an operating lease agreement under the Ginger brand.
Suma Venkatesh, Executive Vice President, Real Estate & Development, IHCL, said, “Ginger represents IHCL’s strategic response to capitalize on the growing opportunity in the midscale segment in India for the aspirational traveller. The brand with its relevancy straddles all city categories and destinations from metros, state capitals, commercial centres, industrial townships, pilgrimage sites and leisure hot spots. Signing of this framework agreement for 10 Ginger hotels across the southern states is reflective of this potential. We are delighted to expand the Ginger brand with Madison, the hospitality platform of Terminus Group and JV Ventures.”
The 10 new hotel sites will primarily be greenfield and brownfield projects and this partnership has commenced with the signing of 75-key Ginger hotel in Genome Valley in Telangana. Strategically located in the R&D Hub of the state, it will be the first branded hotel.
S.P. Reddy, Co-Founder, Madison, said, “Ginger Genome Valley asset will support Genome Valley Industrial corridor with its modern business facilities and social spaces to foster collaboration within this dynamic ecosystem. Significantly, this marks the first time such a comprehensive hospitality offering is available within the cluster, after over two decades of its operation.”
Jasmeet Chhabra, Co-Founder, JV Ventures, said, “Madison will roll out ten Ginger Hotels with over 1,000 keys with an estimated outlay towards construction cost of INR 500 crores across industrial and spiritual towns in southern India over the next 3 years in partnership with IHCL.”
Read more: News
