US-based Vantage Hospitality today announced its foray into India through a tie-up with Miraya Hotel Management that plans to invest around Rs 700 crore to acquire assets and re-brand them under the American partner's brands.
Targeting mid-market segment, Vantage hospitality group is bringing its two brands -- Value Inns Worldwide and Value Hotels Worldwide -- in India, where is it targeting to become a 100-hotel chain in the next 5-7 years.
"We feel there is a good demand for the middle-class in second and third tier markets and we look forward to bringing our Value brands to those areas of the country," Vantage Hospitality founder President and CEO Roger Bloss told reporters here today.
Speaking on the sidelines of Hotel Investment Conference South Asia 2015 here, he said: "The plan is to have at least 10 to 12 hotels under our brand by the end of this year."
Elaborating the company's long term goals in India, Value Inns & Hotels India Managing Director Sudhir Sinha said: "Our plan is to make Value a 100-hotel chain in India in the next 5-7 years."
Commenting on the partnership, Miraya Investment Holding Ltd Founder & Chairman Rohit Yadav said: "We will look at inventing approximately Rs 700 crore in acquiring assets in India to rebrand them under the Value Inn brands."
Capital-based Miraya Hotel Management is the exclusive master licensee of Vantage Hospitality's brands in India. Vantage hospitality has over 1,200 properties across US.
