Duet India Hotels plans major expansion, to raise up to $100 m

Hospitality chain Duet India Hotels has drawn up major expansion plans to increase its chain of hotels from nine to 25 within the next three years.

Joint venture Launching its latest property in the IT hub of Hyderabad in partnership with InterContinental Hotel Group, the company hinted at moves to raise up to $100 million (about ₹630 crore) to part-fund its ongoing expansion.

The 232-room property has 39 suites and comes packed with conferencing and other facilities required for a busy business traveller.

This is the third property that IHG has set up in India in partnership with Duet India Hotels, its joint venture partner and expects to add one more later this year in Chennai at the Old Mahabalipuram Road.

Naveen Jain, President, Duet India Hotels, told BusinessLine that the company currently has a chain of nine hotels across the country and plans to take this number to 25 within three years. Of this, 19 properties would be with IHG. Tier-II cities are on the company radar for expansion.

“Towards expansion drive, Duet India is planning to raise about $100 million. We have number of options and this could be inviting equity partnership or any other mode,” he said. “Duet India Hotels started in early 2008 to develop mid-scale and upper mid-scale properties. We now have nine properties with 1,600 rooms and plan to take this up to 25 properties. Thus far we have had investments of about $160 million. This includes investments from Forum Partners, IHC, Goldman Sachs,” he said.

Fresh options Shantha de Silva, Head of South West Asia, IHG, said, “With the opening of this hotel, Holiday Inn Express is now in three of India’s up-and-coming cities including Ahmedabad and Chennai, bringing refreshing new option to travellers.”

Holiday Inn Express is one of the world’s fastest growing hotel brands with over 2,300 hotels since its launch in 1991.

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