The three-year-old company manages about 125 hotels in India, including six brands including ferns and zinc through a joint venture with CG Hospitality Global. Nepali billionaire Binod Chaudhary owns a concept majority stake. The group is primarily known for its Wai Wai Noodles brand. Those insiders told Mint. The company is worth $100 million.
At least five people confirmed Mint. “This investment should be completed around next month and marks a shift in the strategy of the US hotel company here. It hopes to expand its operations here, and the development could be the strategy of how the international hotel giants adapt to their strategies to address the dynamic hospitality industry in India.”
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Until the press conference reached the press, the email sent to Marriott International was not answered.
Rahul Chaudhary, managing director and CEO of CG Corp Global, said the company is currently unable to comment on the development.
Number of rooms growing, expand footprint
Marriott already has a clear understanding of its size and intention to grow its Indian business. Over the next 3-5 years, it is expected to run 250-3000 rooms in India and operate 250-300 hotels. Rajeev Menon, the company’s Asia Pacific president (excluding China) told Mint The company expects to expand the scale of its operations and the total revenue of the hotels it operates is ₹Previous calendar year, 2024.
In 2024, the company signed about 42 new hotels in South Asia, including India, which will account for 7,000 new rooms and is at various stages of development. Currently, it has about 170 hotels in South Asia, including 157 in India, including some ITC hotel luxury properties, its marketing and loyalty point portfolio listed on Bonvoy.
According to the latest industry report from Hospitality Consultancy Hotelivate, Marriott is the largest hotel company in India in terms of room count.
The concept mainly operates the hotel brand The Fern, a high-end hotel brand. Premium hotels usually fall into the four-star or five-star category and offer premium services and amenities. Concept also has an experience brand, zinc and economy brand, labels, and more.
Founded in 1996 by Param Kanmampilly, Kamat Group Chairman and Managing Director Vithal Kamat and Ramesh Sanbag, the company is a hotel management company focusing on environmentally sensitive operations. By 2009, Kamat Group, which owns 60% of the company, had withdrawn, and after around 2015, CG Corp had a majority stake in the business. ₹500 million.
With the development of the brand
The concept has grown steadily and now manages six brands in about 90 locations in India, including ferns and zinc. The company is part of CG Hospitality, a hotel business unit of CG Corp Global, Nepal’s corporate group.
In addition, CG Hotel has a separate hotel combination. It has invested in properties such as Taj Exotica Resort & Spa and Taj Coral Reef in partnership with Tata Group’s IHCL, and since then it has expanded its portfolio to 11 properties in five countries, such as Taj Safaris in India, Taj Jlt in Nepal and Nepal and Dibal. The company is also joint ventures with brands such as Sri Lanka’s Jetwing Hotels and New York City’s Radisson. It also owns hotels and operates a brand in the Philippines.
“Marriott’s direct investment in hotels here is a notable development. Perhaps other international companies can follow a fast scale, too. This strategic shift is interesting because in this market competition is intensifying and demand for hotels in high-end and mid-markets is rising,” a leading industry executive gained insight into the development in a leading industry executive.
So far, two hotel management companies have invested in India.
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Interestingly, only two international hotel management companies have invested in hotels in India, which makes it noticeable, as these companies usually don’t invest directly because they focus on managing rather than owning real estate.
Hyatt Hotels, for example, owns a stake in the country through Juniper Hotels, which opened several Hyatt hotels last year in cities such as Lucknow, Mumbai, Ahmedabad, Bareilly and Delhi. Hyatt and Juniper both receive support from the Pritzker family, founder of the Hyatt brand. Since 2009, Juniper Hotel has been included in Hyatt’s wider business.
Interglobe Hotels, the second company, is a joint venture between French hotel giant ACCOR and InterGlobe Enterprises (IGE). Founded in 2004, the joint venture focuses on budget hotels in India, Nepal, Sri Lanka and Bangladesh, leverages a large traveler base from a low-cost airline Indigo.
Accor and Ige have a 60:40 investment ratio in real estate and operate at 70:30, marking ACCOR as one of two international hotel management companies investing directly in India.
