IHCL signs agreement with Madison for 10 new hotels in South India

Don't want to miss the best from Business Standard?

The Indian Hotels Company on Monday said it has signed an agreement with Madison, the hospitality platform of Terminus Group and JV Ventures, for ten new hotels to be operated under the Ginger brand spread across the southern states of India.

Madison will invest approximately Rs 500 crore in the construction of ten hotels with over 1,000 keys within the next three years.

The ten new hotel sites will primarily be greenfield and brownfield projects, and this partnership has commenced with the signing of a 75-key Ginger hotel in Genome Valley in Telangana, Indian Hotels Company (IHCL) said in a statement.

This capital-light arrangement will be an operating lease agreement under the Ginger brand, it added.

Ginger represents IHCL's strategic response to capitalise on the growing opportunity in the mid-scale segment in India for the aspirational traveller.

The brand spans all city categories and destinations from metros, state capitals, commercial centres, industrial townships, pilgrimage sites, and leisure hotspots, according to IHCL Executive Vice President, Real Estate & Development, Suma Venkatesh.

"The signing of this framework agreement for ten Ginger hotels across the southern states is reflective of this potential. We are delighted to expand the Ginger brand with Madison, the hospitality platform of Terminus Group and JV Ventures," she added.

JV Ventures Co-Founder, Jasmeet Chhabra, said, "Madison will roll out ten Ginger Hotels with over 1,000 keys with an estimated outlay towards construction cost of Rs 500 crore across industrial and spiritual towns in southern India over the next three years in partnership with IHCL."  Madison Co-Founder, SP Reddy, said the 'Ginger Genome Valley' asset will support the Genome Valley Industrial corridor with its modern business facilities and social spaces to foster collaboration within this dynamic ecosystem.

Madison was established in 2023 as a joint venture between Terminus Group and JV Ventures.