Choice International buys out Indian JV
Choice Hotels International is in the final stages of buying out its Indian JV partners, the Guptas of Edenpark Hotels and Reyaz Mama.
“As minority partner in the India JV, some of our investment and expansion options were limited. India and China are the big growth markets for us and though we are in the 20 top markets here, we should really be in the top 50,” said Stephen P Joyce, president and CEO, Choice Hotels International.
The US-based company is awaiting regulatory approval for its purchase of the 60% holding of its Indian partners, Choice Hospitality (India). The deal has been in the pipeline for some time though Joyce declined to comment on the size of the transaction as it was a “private transaction.”
During the hotel leader’s forum at the HIFI 2010 where he made the announcement, Joyce also said that his first priority is to invest US$ 10 million in Indian to set-up its web-based PMS technology and enhancing its development efforts.
“We plan to focus extensive development resources on growing our presence in India, which now stands at 28 hotels,” Joyce said.
His 2015 goal is to have 200 hotels in India.
The HIFI 2010 is from January 12-14 at the Renaissance Hotel & Convention Centre, Mumbai