Printer Friendly

HOLIDAY INN WORLDWIDE TO DEVELOP 70 HOTELS IN INDIA

 ATLANTA, Aug. 24 /PRNewswire/ -- Holiday Inn Worldwide has signed a joint venture agreement with INN Realty Hotel Ventures Ltd. (INN) to develop 70 franchised hotels throughout India over the next 10 years.
 The joint venture company will focus on secondary cities catering to the domestic market throughout India. The middle market of India is estimated to represent 29 to 30 million households.
 "As the world's second largest nation, India is a country with enormous potential for us and key to maintaining our leadership position in the Asia Pacific area," said Bryan D. Langton, chairman and chief executive officer of Holiday Inn Worldwide. "This joint venture is a wonderful example of how we can work with developers around the world to grow the chain through franchising hotels."
 Kun Sura Chansrichawla, chairman of INN and of Siam Vidhya Group, majority shareholder in the owning company of Holiday Inn Crowne Plaza Bangkok, said: "I am delighted to be expanding my relationship with Holiday Inn. I look forward to a long and fruitful relationship."
 "Our company looked at a number of hotel groups and only with Holiday Inn, the world's largest single hotel brand, did we see a vision similar to ours," said Vimal Singh, director of INN. "Holiday Inn has an established presence in India and provided the perfect fit for INN Realty."
 Holiday Inn Worldwide recently announced record development during the first six months of 1993, opening a hotel every other day on average, for a total of 91 new properties. There are currently 55 hotels in Holiday Inn's Asia Pacific Division; 24 are franchised properties. Since the beginning of 1993, the chain has opened hotels in Hyderabad, India; Kunming, China; Miri, East Malaysia; Nongkhai, Thailand; and Islamabad, Pakistan.
 "The Indian government is creating a new environment through its promotion of privatization, entrepreneurship and tourism," said David H. Paulon, vice president and managing director, Holiday Inn Worldwide -- Asia Pacific. "Part of the new environment is the rapid growth of the middle market, and we have every confidence in the strength of the joint venture company to produce the hotel products necessary to meet the needs of that market."
 In addition to the 70 hotels to be developed with INN, Holiday Inn Worldwide will continue to pursue development opportunities in major international gateways, as well as tourist and leisure destinations.
 Holiday Inn Worldwide, which is owned by Bass PLC of the U.K., is the world's largest single hotel brand, with 1,750 hotels and more than 337,000 guest rooms in over 50 countries around the world.
 -0- 8/24/93
 /CONTACT: Kathy Egan of Golin/Harris Communications, 312-836-7361/


CO: Holiday Inn Worldwide ST: Georgia IN: LEI SU:

LG-TM -- NY004 -- 5320 08/24/93 08:47 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 24, 1993
Words:455
Previous Article:TJ SYSTEMS ANNOUNCES LARGE LEASE AGREEMENT WITH TROLL ASSOCIATES -- EQUIPMENT LEASE EXCEEDS $1.1 MILLION --
Next Article:SYMANTEC ANNOUNCES JUDGE'S DISQUALIFICATION OF DISTRICT ATTORNEY'S OFFICE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters