Delhi-based hospitality firm Duet Hotels is developing five new three-star properties in India and is currently in talks with international hotel brands, including Hilton and Marriot for management tie-ups.
The company is in discussions with Hilton for 'Hampton', InterContinental Hotels Group (IHG) for 'Holiday Inn Express' and Marriot for 'Fairfield' for the upcoming projects, according to Duet Hotels Chief Executive Officer Dilip Puri.
Duet already has two properties operational in Jaipur and Pune under the Four Points brand by Sheraton. The upcoming ones include projects in Ahmedabad, Indore and Hyderabad.
"We are currently holding advance talks with the international brands, which will operate the upcoming properties and likely to announce the final deals soon," Puri said.
The company has set up a corpus of $166 million (about Rs 752 crore) funded by foreign institutional investors to develop hotels primarily in the mid-market segment.
"About $88 million (about Rs 375 crore) has already been invested in various projects," Puri said.
Duet is likely to increase the size of the corpus if required and is also looking to list the company on stock exchanges 4-5 years down the line.
"There is a plan to list the company either in India or international exchanges once we reach a scale big enough to do that, may be in the next 4-5 years," he added.