International hotel chain InterContinental is to build 13 new hotels in India, bringing with them 2000 jobs in India and helping to safeguard hundreds of UK jobs as well. The news has come of the current UK trade mission to India, in which IHG's Asia chief Jan Smits joined David Cameron to boost trade ties between the UK and India.
Mr Smits said: "India is an extremely important market for IHG. We have our second largest pipeline in Asia Pacific here after China. With international tourism increasing year on year and the continued strength of domestic tourism, we see incredible opportunities for growth."
Cameron said: "This big expansion of InterContinental Hotels Group across India showcases their ability to compete in the global race and will help safeguard several hundred jobs in the UK."
The deal will take IHG up to 47 hotels in India employing a total over 6000 Indian staff as well as safeguarding UK jobs at IHG offices.
IHG first entered India in 1962 when it opened an InterContinental property in Delhi. IHG is expanding in cities including business and tourism destinations such as Chennai, Ahmedabad, Pune and Goa.
Domestic demand in India is driving growth in IHG's mid-scale brands Holiday Inn and Holiday Inn Express – over 850m trips were taken by Indians last year. Mr Smits said: "When a hotel opens it spurs infrastructure development and creates job opportunities. We'll hire more than 10,000 people over the next few years."
Recommended reading: BRIC's Investment Property Analysis - India
- Wednesday 20 February 2013