Intercontinental Hotels Group plans to open 19 Holiday Inn Express hotels in India by 2016.
In April this year, the Intercontinental Hotels Group, or IHG, the world'slargest hotel group by number of rooms, signed a 20-year management contract with Duet India Hotels to launch 19 Holiday Inn Express hotels in India by 2016.
Duet India Hotels, the hotel investment arm of global asset manager Duet Group, has set aside around $145 million (Rs 650 crore) for the project. IHG, which will run the hotels and formulate expansion plans, will put in $30 million for a 24 per cent stake in the venture.