Duet India Hotels, an investor and developer of mid scale business hotels has signed an agreement with Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) to open the Four Points by Sheraton Jaipur City Square. The new build 115-room hotel at Jaipur has recently opened and will be managed by JHM Interstate Hotels, a joint venture between JHM Hotels and Interstate Hotels & Resorts, both US based hotel management companies.
“We are very pleased to partner with Starwood for the development of our hotel portfolio in India” said Henry Gabay, Chairman of the UK based Duet Group.
“There is no better time to be investing in the Indian hospitality market than now “said Anuj Gupta, co founder of Duet India Hotels. He added that “deals are available at attractive valuations for cashed up companies such as DIH who are pursuing an aggressive investment and development strategy to take advantage of the current market conditions.” DIH were recently in the news for their acquisition of the Dawnay Day hotel portfolio in December 2008.
Commenting on the agreement, Miguel Ko, President and Chairman of Starwood Hotels & Resorts, Asia Pacific “Starwood has spent the last two years laying the groundwork for the debut of the Four Points by Sheraton brand in India, and we are thrilled to see our plans come to fruition with the continued growth of the Four Points by Sheraton brand in India. In keeping with Four Points by Sheraton's commitment to providing honest, uncomplicated comfort, Four Points by Sheraton Jaipur, City Square will offer travelers a new kind of style combined with spirited ‘can do’ service at an honest value.”
"The right ingredients are in place: a premier lodging brand, a management company internationally known for excellence, and an owner who accepts collaboration as the best approach to success," said Vinay M. Rama, a Director at JHM Interstate Hotels. "We look forward to an exciting journey together."
Elaborating on the portfolio, Dilip Puri, CEO of Duet India Hotels said that the Jaipur property is part of a mixed use development strategically located on Tonk Road in close proximity to the airport as well as the CBD and Government offices. Apart from the 115 rooms, the hotel offers a range of F&B facilities, function rooms and a health club.
DIH is presently constructing another three hotels at Pune, Ahmedabad and Indore with the Pune property scheduled to open in July 2010, Indore in December 2010 and Ahmedabad in April 2011. DIH also recently acquired land in Hyderabad for developing a 200 room four star business hotel. The company is in discussions with Starwood for the branding of the above hotels as well, which will also be managed by JHM Interstate hotels.
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Amongst the key elements of DIH’s strategy and success is its primary focus on the mid scale and upper mid scale business hotels segment in India as well as the experienced senior management team in place to manage the investment, development and project execution verticals of the business. “Successful hotels have been those which have been developed in a downturn and opened in a recovering market. This is exactly what we are trying to achieve”, said Puri. “With lower land valuations as well as lower project costs, hotels can be built more efficiently in today’s market”. And with the majority of its hotels scheduled to open from 2010 onwards, DIH expects to reap the benefits of an economy recovering rapidly from the market down turn.
For further information please contact: Dilip Puri, CEO, Duet India Hotels. E mail: dilip.puri@duetindiahotels.com Mobile +91 9910347248
DUET INDIA HOTELS
Duet India Hotels has raised USD 166.5 million (approx Rs 800 crores) of private equity and has at present invested USD 45 million (approx Rs. 216 crores) of equity in the development of 5 hotel projects totaling 850 rooms in Jaipur, Pune, Ahmedabad, Indore and Hyderabad. Total project volumes are in excess of Rs 500 crores. The first of its hotels, Four Points by Sheraton, Jaipur City Square has been recently opened. DIH has an active pipeline of over 15 projects across India and intends to develop up to 5000 rooms over the next five years. (www.duetgroup.net)
FOUR POINTS BY SHERATON
Four Points by Sheraton, with 142 properties in 24 countries, offers the self-sufficient traveler style and comfort – all at an honest value. All hotels feature free high-speed Internet access, complimentary bottled water, and a great beer at the end of a long day courtesy of the brand’s signature Best Brews® program. Four Points by Sheraton hotels are located in easy-to-reach areas – close to major airports, suburban centers, urban hot spots and resort and vacation destinations. For more information, please visit www.fourpoints.com.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 966 properties in more than 100 countries and 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element SM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com
JHM Interstate Hotels (India) Private Limited
JHM Interstate Hotels (India) Private Limited is a joint venture partnership between JHM Hotels, Inc. and Interstate Hotels & Resorts, Inc, formed to operate and invest in hotels in India. The company’s corporate office is located in Gurgaon, India, a suburb of New Delhi.
JHM Hotels, Inc., a premier lodging company based in Greenville S.C., with offices in Mumbai and Surat, India, has developed, acquired, owned and operated hotels throughout the United States for more than 36 years. The company currently owns and operates 42 U.S. hotels with more than 6,500 guestrooms and has 500 additional rooms under development/construction, operating under such well-known brands as Marriott, Hilton, Starwood and Hyatt. For more information about JHM Hotels, visit the company’s Web site: www.jhmhotels.com.
Interstate Hotels & Resorts, Inc. has ownership interests in 56 hotels and resorts, including seven wholly owned assets. Together with these properties, the company and its affiliates manage a total of 223 hospitality properties with more than 45,500 rooms in 37 states, the District of Columbia, Russia, India, Mexico, Belgium, Canada, Ireland and India.
Interstate Hotels & Resorts also has contracts to manage 13 to be built hospitality properties with approximately 3,000 rooms. For more information about Interstate Hotels & Resorts, visit the company’s Web site: www.ihrco.com.