Mumbai, Jan 15 (PTI) Indian Hotels Company (IHCL) on Thursday said it has acquired majority stake in Brij Hospitality -- the parent company of the brand 'Brij', a boutique experiential leisure offering
-- for Rs 193 crore.
The company has signed definitive agreements to acquire 51 per cent stake in Brij Hospitality for Rs 193 crore, and through this acquisition, IHCL will gain ownership of the Brij brand and in collaboration with its founding promoters aims to develop the boutique leisure segment in the country, as per a statement.
"We are delighted to extend our partnership with the Clarks Group by furthering the marketing and distribution alliance to a majority shareholding in Brij Hotels, one of the country's early entrants in the boutique leisure segment. This acquisition will add 11 operational hotels and 11 in pipeline to our portfolio adding around 295-300 keys," IHCL Managing Director and Chief Executive Officer Puneet Chhatwal told PTI.
Brij Hotels has a portfolio of 22 hotels with 11 in the pipeline providing luxurious stays with a focus on personalised service and unique settings.
With this acquisition, IHCL through its diverse brandscape consolidates its position as a frontrunner in India's leisure tourism with market leadership in key cultural, spiritual and wildlife destinations, he said.
"Brij's presence in offbeat locations offers heterogeneity to IHCL's portfolio in places such as Jaipur, Varanasi, Ranthambore, northern hills, the northeast region and Goa, among others," he said.
This will take IHCL's portfolio to 610 hotels with 253 in the pipeline, he added.
Udit Kumar and Anant Apurv Kumar, Co-Founders of Brij Hospitality, said, "We are excited to partner with IHCL to shape the future of boutique hospitality. Brij Hotels is recognised for creating immersive, locally rooted experiences that celebrate the country's cultural diversity."
Whether the brand will be restricted to India, they said, "We actually have an upcoming asset in Pokhara in Nepal, which is very experiential. We are also in the midst of some business development in Sri Lanka. Basically we are looking at highly unmatched locations that are still storytelling." PTI SM TRB
