News

Signum Hotels and Resorts and Leading Global IPC IQI announce JV to Promote Domestic Tourism

Signum Hotels & Resorts

Signum Hotels and Resorts announced a strategic joint venture with the leading real estate player, IQI India.

The joint venture committed an investment of USD 150 Million in developing hotel assets across the country, and globally, over a period of 2 to 5 years.

The joint venture, comes at a time when the Indian hospitality industry is triggering a recovery phase. Though the investments in the sector are at their lowest, the partnership will capitalize on the opportunity to identify and acquire assets at competitive deals and aims to develop 5000 keys over a period of the next 2-5 years.

The expansion will be fueled through mergers, acquisitions and property investments across metros, tier 2 and 3 cities in India to promote domestic as well as inbound tourism to experiential destinations, pilgrimage, getaways and key places of interest.

Mehul Sharma e1611919096557 Signum Hotels and Resorts and Leading Global IPC IQI announce JV to Promote Domestic Tourism
Mehul Sharma, Founder & CEO
Signum Hotels and Resorts

Mehul Sharma, Founder & CEO, Signum Hotels and Resorts said, ‘We are pleased to be forming this strategic joint venture with IQI India to accelerate our expansion in the country where IQI brings in assets and Signum operates these assets. No hotel brand is successful without a real estate partner, and this joint venture will capitalize on IQI’s global real estate prowess to identify and develop the right assets.’ Mehul further added, ‘At present, domestic tourism is the leading light to recovery for the Indian hospitality industry, and our partnership aims to further fuel growth in the domestic sector, in turn generating more employment opportunities and contributing to government’s #vocalforlocal initiative.’

IQI India is the India arm of the Global IPC IQI based in Malaysia having operations in 17 countries through PaMa D’Globizen. Pankaz Jaiin, Chairman and Managing Director, IQI India and Chairman PaMa D’Globizen said, ‘Our team experience of decades in the India Real Estate and Retail Market coupled with our access and network through more than 200 cities across India fosters our confidence in the Indian hospitality market and we are eyeing an aggressive expansion in commercial real estate segment. It is about time Bharat gets an experience that has been closely nestled in urban India and at the same time open up the gateways of the real Bharat to the world to relish and capture in their selfie moments.’

While expansion in the Indian market will remain the focal point of this collaboration, opportunities to expand overseas will also be explored given IQI’s strong International presence. Regions in South East Asia like Singapore, Bangkok and Indonesia, significant parts of Europe and Americas will remain of particular interest for any expansion opportunities.

Read More: News

Related posts

FAITH: Tourism industry hoped for more direct support from the budget statement

Nakul Anand, Chairman, FAITH

Auxilia Networks partners Australia and New Zealand DMC Smart Travels

Paramjit Bawa, Founder & Principal, Auxilia Networks

Crowne Plaza Dhaka Gulshan launched in Bangladesh

Crowne Plaza Hotels & Resorts launches in Bangladesh

Fern Hotels launches first unique 72-key Apart’otel with The Fern Habitat Goa

The Fern Habitat, Candolim, Goa

Taj Exotica Maldives to operate with one of the lowest carbon footprints in Maldives

Taj Exotica Resort & Spa, Maldives has signed an agreement with Swimsol

Resplendent Ceylon launches new brand Reverie, with 2 openings on the South Coast

Resplendent Ceylon launches new brand Reverie, with two new properties opening on the island’s South Coast

The Postcard Hotel opens its first new luxury beachfront resort by the Arabian Sea

The Postcard Hotel welcomes guests to enjoy seaside seclusion with their new resort right on the Arabian Sea

Wyndham's first 57-key Trademark Collection brand in India debuts with The Earth Amritsar

Wyndham to debut Trademark Collection brand in India with signing of The Earth Amritsar

Sarovar Hotels announces the opening of new 72-key Shyama Sarovar Portico Orai

Sarovar Hotels and Resorts announces the opening of Shyama Sarovar Portico Orai, Uttar Pradesh

IHCL debuts in scenic Indore with the signing of new 115 key Vivanta Hotel

Suma Venkatesh, Vice President – Real Estate & Development, IHCL