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IntelliStay Hotels that owns and operates Mango Suites will invest close to $10 million for its hotel expansion plans in India. The hospitality group plans to open 50 new properties by 2014-15 in cities such as Raipur, Bhopal, Tirupati, Chennai, Coimbatore, Vadodara, Vapi¸ Surat, Ahmedabad, New Delhi, Gurgaon and Jalandhar.
IntelliStay Hotels was acquired by Apodis Hotels and Resorts this year. Apodis Hotels and Resorts Ltd is a pan India hotel operator, developer and investor with interests in the budget, mid-market and leisure hospitality segments.
“The investment size, however, is open ended in their arrangement with Apodis Hotels and Resorts. The investment will match the pace of inventory expansion,” said Mr Prashanth Aroor, Managing Director, IntelliStay Hotels.
IntelliStay Hotels launched its seventh property of Mango Suites in Agra on Friday. Two more new properties will be opened in a month’s time in Mangalore and Nagpur.
Mango Suites has three operational properties in Bangalore, and one each in Mysore, Amritsar and Hyderabad.
The business model concept adopted by IntelliStay Hotels is focused on Brownfield development at low capital and operational expenditure. The owner typically modifies the property according to Mango Suites standards. In turn, IntelliStay Hotels operates the property for the owner on lease and revenue sharing agreements. IntelliStay Hotels is also open to other development options such as buyouts, joint development and Franchise & Management of properties, Mr Aroor added.
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