Zinc InVision Hospitality plans Rs 400cr investment

Construction News

Zinc InVision Hospitality today said it is likely to invest up to USD 90 million (nearly Rs 400 crore) in India in the next three- five years to own and operate hotel properties.

The company plans to operate up to 15 hotels in the next three years in the country through a mix of ownership and management contracts. It is set to announce the launch of its first 220 room property in the country under the ‘Glow Studios’ brand in mid-scale segment at Greater Noida in September.

“In the next three years we plan to create 10 to 15 assets in India (room inventory of 1,500-2000 rooms) which will be a mix of company-owned and operated properties and management contracts,” Zinc InVision Hospitality Executive Director Rahul told PTI.

Zinc InVision Hospitality is a partnership between Thailand-based InVision Hospitality and Zinc Holdings Inc, the Singapore-based investment arm of Cinnovation CG. Chaudhary said the company is also developing three more properties in Surat, Cochin and Greater Noida, which are likely to be operational by 2013 under ‘Zinc City’ brand.

The company plans to roll out 30 hotels in Asia and the Middle East by 2013, including mid-scale Zinc City and Glow Studios, upscale brands Zinc Edge, Zinc Living and Zinc Journey. It plans to invest USD 180 million (about Rs 800 crore) in the next 3-5 years for the proposed line up.

Asked if half of the planned USD 180 million investment will be made in India, Chaudhary said: “Hopefully, yes”. “India is a key market for us and we want to focus on building our two brands ‘Glow Studios’ and ‘Zinc City’ here,” he said.

To begin with the firm will focus on operating company owned properties while it would also be open to taking up management contracts going ahead, he added. The company will be also be targeting other destinations like Mumbai, Guwahati, Coimbatore and Goa.

“We want to operate in the USD 100 per room per night bracket in India to begin with and establish our brands,” he said. Besides the two mid-scale brands, the firm also has plans to bring its upscale and luxury brands into India, but at a later stage.

The hospitality firm currently has eight operational properties, with five of them in Thailand, two in Sri Lanka and one Philippines. Zinc Holdings has a number of joint ventures and strategic partnerships in properties such as TAL Hotels and Resorts, Alila Hotels and Resorts, Taj Safaris, Jetwing Zinc Journeys Lanka, Amaya Hospitality (USA) and The Farm (Philippines).

Source: http://www.moneycontrol.com/news/business/zinc-invision-hospitality-plans-rs-400cr-investment_569225.html

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