The US-based hospitality giant Choice Hotels International today said it has fully taken over the company's India business by acquiring the 60 per cent stake of its franchise partners, for an undisclosed sum.
The group said that after the buyout, Choice Hospitality India will be operated as a wholly-owned subsidiary.
"We plan to focus extensively on developing resources for growing our presence in India, which now stands at 28 hotels," Choice Hotels International President and CEO Stephen P Joyce said in a statement.
The stake has been bought from its franchise partners Sandeep Gupta and Sushil Gupta of Asian Hotels.
As a wholly-owned subsidiary, Choice Hospitality India will now be able to make use of the global chain's marketing initiatives and training services.
Choice Hospitality India serves as the master partner and franchiser of Choice’s hotel brands in India. While the group has 28 hotels at present, under its brand in the country, 14 more are at various stages of development.
Choice Hotels operates over 6,000 hotels in 36 countries.