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Duet and InterContinental Plan to Open 6 More Hotels in India
Duet Hotels has opened a joint venture with the famous hotelier InterContinental Hotels Group (IHG) and now plans to open as many as six hotels throughout India. The company plans to invest around US$170 million in this project.
In order to raise the money needed for this project, Duet Hotels plans to use lent funds and its own money. Approximately US$100 million will be taken as a loan. Duet Hotels already builds hotels in Bangalore, Mumbai, Ahmedabad, Kolkata, and Gurgaon. The company already has hotels in Pune and Jaipur. All accommodations are operated together with IHG. Duet Hotels has already invested US$58 million in these projects.
The majority of hotels will operate under the Holiday Inn Express brand. Duet Hotels is interested in both primary and secondary cities of India and has plans to having a chain of 19 hotels in India with over 5,000 guestrooms in total by 2017.
The share of investment of IHG into the joint venture estimates US$30 million. The hotelier has 20 percent stake in Duet Hotels. IHG plans to continue expending this joint venture and will invest more money into its development. At the same time, the hotelier seeks new joint venture projects with other Indian companies.
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