US-based hospitality major Choice Hotels International today said it has acquired the entire 60 per cent stake of its franchise partners Sandeep Gupta and Sushil Gupta of Asian Hotels, for an undisclosed sum.
After the buyout, Choice Hospitality India will be operated as wholly owned subsidiary of the group, a company statement said.
Choice Hospitality India will now be able to mark use of the global chains marketing initiatives and training services. Choice Hospitality India serves as a master partner and franchisers of choice hotels brand in the country, it said.
The group has 28 hotels at present, under its brand in the country, and 14 more are at various stages of development. Choice hotels operate over 6,000 hotels in 36 countries.
"We plan to focus extensive development resources on growing our presence in India, which now stands at 28 hotels," Choice Hotels International CEO Stephen P Joyce said.
"India is an extremely important market for our global growth and we're looking forward to the great development potential that it holds for our brands and our hotels," Joyce said.
