Hong Kong-headquartered multinational hospitality firm Shangri-La Group Thursday said it plans to add five more hotels in India by 2024 as part of its expansion plans in the country. The company currently has 102 hotels globally, with two properties in India(Delhi and Bengaluru) under its five-star luxury brand, Shangri-La Hotels. “We plan to add five hotels across India by 2024 taking the total numbers of hotels to seven,” as said by Shangri-La Group, Middle East, India and Indian Ocean Executive Vice President John Northen.
“The important thing for us is to find the right partner. Our two hotels in India are also under the management contact, These additional hotels in India will be mainly on management contract model” he added.
Around 80 per cent of the hotels worldwide are owned and operated by the company itself while 20 per cent are on management contract and in some cases it is partnership, he added.
On the growth prospects Northen said, “India is a very important market for us. We also have lots of Indian guests staying in our hotels around the world and it is growing all the time.
Though the expense of setting up new properties is not yet finalised, it is estimated that the cost of a new five star property, with 300 to 500 rooms, ranges between Rs 1,000 and Rs 1,800 crore.
