Paris to Vienna: InterGlobe's Miiro casual luxury hotel brand set for European launches in 2024-25
₹3,360 crore. The money will be used to expand its hospitality businesses and other developing businesses.InterGlobe Enterprises said in an exchange filing on 11 June that “the proceeds will be utilised for scaling up IGE’s hospitality and other businesses it is incubating, as well as for general corporate purposes." On being asked how this money will be put back into the UK company, a spokesperson said this was the only statement it had on the sale of shares.
InterGlobe’s hospitality business is one of the few organized Indian hotel ownership businesses abroad. Others include a handful of hotels owned by the Hindujas and Ambanis in the UK.In India, InterGlobe Hotels, a partnership of InterGlobe Enterprises and French hospitality group Accor, has about 7,000 rooms across its 30 hotels.
The company was set up in 2004 to develop a network of budget hotels in India, Nepal, Sri Lanka and Bangladesh. The objective was to establish a strong budget hotel brand to serve the significant number of budget airline travellers by Indigo.
Accor Asia Pacific (AAPC) and InterGlobe Enterprises had investments split 60:40 for real estate and 70:30 for operations. This initiative made Accor one of the few international hotel companies to directly invest in hotel construction in the region.Gupta said the affordable luxury or boutique lifestyle brand Miiro targets the 30-plus “frequent and evolved" travellers to the big capital cities of Europe.They will be priced upwards of €350 a night or $375 a night.
Miiro Hotel Le Grand Hôtel Cayré, Paris, will open first in July followed by Miiro Hotel Borneta, Barcelona, in August. This will be followed by Miiro Hotel Templeton Garden, London, in 2025.“Our move to acquire hotels in Europe was bold
. Read more on livemint.com
