According to a PTI report, Delhi─based hospitality firm Duet Hotels is developing five new three─star properties in India and is currently in talks with international hotel brands, including Hilton and Marriot for management tie─ups. The company is in discussions with Hilton for 'Hampton', InterContinental Hotels Group (IHG) for 'Holiday Inn Express' and Marriot for 'Fairfield' for the upcoming projects. This information was given by Dilip Puri, Chief Executive Officer, Duet Hotels.
Duet already has two properties operational in Jaipur and Pune under the Four Points brand by Sheraton. The upcoming ones include projects in Ahmedabad, Indore and Hyderabad.
Puri said, “We are currently holding advance talks with the international brands, which will operate the upcoming properties and likely to announce the final deals soon.” The company has set up a corpus of USD 166 million (about Rs 752 crore) funded by foreign institutional investors to develop hotels primarily in the mid─market segment.
Duet is likely to increase the size of the corpus if required and is also looking to list the company on stock exchanges four to five years down the line.