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IHG Hotels & Resorts and Brigade Group to bring the InterContinental brand to Hyderabad

Posted On : 2024-04-25 16:18:54( TIMEZONE : IST )

IHG Hotels & Resorts and Brigade Group to bring the InterContinental brand to Hyderabad

IHG Hotels & Resorts, a global hospitability company, and Brigade Group, renowned property developer in India have announced the signing of a management agreement to debut the InterContinental brand in Telangana - InterContinental Hyderabad Neopolis. Slated to open in 2029, this newly constructed hotel is expected to be an integral part of Brigade's upcoming, mixed-use development.

The world-renowned brand, InterContinental has over 220 open hotels across more than 60 countries. Commemorating its 75th Diamond Anniversary in 2021, InterContinental continues to uphold its esteemed status as the world's first and largest luxury hotel brand. In 2023, the brand reached a pipeline of 100 hotels and resorts for the first time, representing a substantial 45% growth of its current system size.

InterContinental Hyderabad Neopolis, proposed to have 300 rooms, once opened, is expected to showcase five dining options, including a signature restaurant, two specialty restaurants, and a lobby lounge. The hotel is also proposed to offer conferencing facilities, a fitness center, spa, a swimming pool, an outdoor recreation area and a retail outlet. To cater to MICE demands and large social gatherings, the hotel is proposed to feature eight meeting rooms including a spacious ballroom.

Commenting on the announcement, Sudeep Jain, Managing Director, South West Asia, IHG Hotels & Resorts, said, "We are once again delighted to partner with Brigade Enterprises Ltd to introduce our luxury & lifestyle brand, InterContinental to the city of Hyderabad. Hyderabad is gaining prominence as one of the best cities in the country with the upcoming IT sector, global retail presence and heavy industries. This can present an appealing opportunity to us to deliver unparalleled luxury experiences to a new set of travelers."

He further added, "The signing is an opportunity to bring quality luxury accommodation to the city, catering to the growing needs of diverse travelers and contributing to the city's economic development. In line with our strategy to expand our luxury brands in the country, we look forward to welcoming guests and providing them with luxury amenities that InterContinental is renowned for."

Nirupa Shankar, Jt. Managing Director of Brigade Enterprises Limited added, "We are happy to once again partner with an internationally and locally trusted hospitality brand like IHG, this time to bring InterContinental brand to Hyderabad. With a combination of an ideal location and IHG's scale of global systems, technology, and loyalty programme, we hope that InterContinental Hyderabad Neopolis will become a preferred choice for business, leisure and spiritual travelers visiting the region. After Holiday Inn Chennai OMR IT Expressway, Holiday Inn Bengaluru Racecourse and Holiday Inn Express & Suites Bengaluru OMR, this will be our fourth hotel in partnership with IHG."

IHG® currently has 46 hotels operating across five brands in India, including Six Senses, InterContinental Hotels and Resorts®, Crowne Plaza®, Holiday Inn Resort® and Holiday Inn Express®, and a strong pipeline of 49 hotels due to open in the next 3-5 years.

Shares of Brigade Enterprises Limited was last trading in BSE at Rs. 1016.60 as compared to the previous close of Rs. 1002.80. The total number of shares traded during the day was 16782 in over 1739 trades.

The stock hit an intraday high of Rs. 1027.00 and intraday low of 1003.95. The net turnover during the day was Rs. 17110122.00.

Source : Equity Bulls


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