InterGlobe ties up with Puravankaras for hotel

InterGlobe Hotels is bringing the 'Ibis' brand of economy hotel to Bangalore. The company, for this project is tying up with Puravankaras, a Bangalore-based builder, to set up a 250-bed hotel on Old Madras Road.

The project worth Rs 60 crore is to be executed in less than 18 months. The tie-up between InterGlobe and Puravankaras is expected to be signed next week.

This kind of an arrangement follows the tie-up between Hilton and Prestige group to set up a 300-room premium 5-star hotel in Bangalore. Prestige Group will invest Rs 200 crore to build the hotel and Hilton will manage the hotel.

InterGlobe Hotel in Bangalore will join the long list of mid-segment hotels flocking into the city and is expected to ease the pressure on the city's existing hotels.

InterGlobe Hotels, a 60:40 joint venture between InterGlobe Enterprises and Accor Asia Pacific, is planning similar kind of investment and plans to develop a minimum of 25 'Ibis' brand economy hotels across India and South Asia in the next 10-12 years. For this expansion, a total capital expenditure of over Rs 850 crore is envisaged.

InterGlobe plans to redefine the hotel sector in the country by positioning 'Ibis' hotels as the preferred `best value international hotels' across the region.

With over 650 hotels and close to 70,000 rooms in 36 countries, Ibis Hotels is known for their "quality, simplicity and unbeatable value-for-money".

InterGlobe Enterprises, is one of the leading travel and technology management company and Accor, the world's largest hotel and tourism enterprise.