IHG and SAMHI Announce Commercial Success Following Opening of 10 Holiday Inn Express Hotels in India

/ -- SAMHI announces INR 100 crore investment into renovating 10 hotels to deliver a best-in-class product in India
Commenting on the success, Pascal Gauvin, Managing Director, IMEA, IHG shared, "We are pleased to announce that the newly launched hotels are currently trading at an ADR of INR 3254, and Holiday Inn Express Gurgaon Sector 50 which has been open for six months is operating at 21% above the forecasted RevPAR. These numbers are very encouraging and give us confidence in the continued success of the portfolio. Our partnership with SAMHI and launch of the new Holiday Inn Express portfolio has given us a solid foothold in the midscale hotel segment in India. With the recent openings, we now have 27 operating hotels under the Holiday Inn brand family in the country, and a robust pipeline of 33 hotels due to open in next 2-3 years. Through this venture, we have realised that in a market like India, it is imperative to forge partnerships with partners such as SAMHI. Together we will continue to contribute by building a robust hospitality market in the country."

Ashish Jakhanwala, Founder, MD & CEO, SAMHI added, "In terms of a partnership, IHG has trusted us with one of their most recognized brands and to operating the hotel to the highest brand standards, profitably. Our end of the partnership was to deliver a truly best-in-class product that met the highest brand standards. I can say following, an INR 100cr investment on renovation (550cr on the acquisition of the Holiday Inn portfolio). We have conducted one of the largest rebranding exercises in the Indian hospitality industry. Moreover, we have delivered and exceeded expectations. Today, our repeat guests who have seen the hotel before and after the renovation are taken aback by the high quality and upgraded experience of the new product and they have noticed that the hotel clientele has changed drastically as well. Not only do we remain confident about opening the remaining four hotels in the portfolio but also add more Holiday Inn Express hotels to the portfolio across Tier 1 and Tier 2 cities."

**Figures as of 31st December, 2018
Notes to Editors:
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