IHCL Acquires Majority Stake in Clarks Hotels Operators
Skift Take
Taj-parent IHCL buys 51% of ANK Hotels, Pride Hospitality for $23M, adding 135 mid-market hotels to expand India presence.
Indian Hotels Company Limited has agreed to acquire a 51% stake in ANK Hotels Private Limited and Pride Hospitality Private Limited for Rs 204 crore. IHCL plans to rebrand most of the acquired properties as Ginger hotels, expanding its Ginger brand to a portfolio of 250 hotels. ANK and Pride manage a combined total of 135 hotels under The Clarks Hotels & Resorts brand. IHCL wants to make Ginger Hotels the number one mid-market brand in India. IHCL also signed a marketing and distribution agreement with Brij Hospitality, which has a portfolio of 19 hotels under the Brij brand, primarily across India. The transactions are expected to be completed by November 15th. For context, read Skift's IHCL Buys Into Clarks Hotels: What CEO Told Analysts About the Deal.
ITC Hotels plans to surpass 220 hotels by 2030, focusing on furthering its expansion in the luxury and premium hotel segment. At their AGM, the Chairman’s opening speech included that they are o
