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Holiday Inn to enter India.

Holiday Inn Worldwide has signed a joint venture agreement with INN Realty Services Inc. (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.

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.

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, with its upper middle-market product, Holiday Inn Crowne Plaza hotels, in its Asia Pacific and Europe, the Middle East and Africa Divisions.
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Title Annotation:Holiday Inn Worldwide joint venture with INN Realty Hotel Ventures Ltd. for development of franchised hotels throughout India
Publication:Real Estate Weekly
Date:Sep 8, 1993
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