Wyndham Hotel Group Announces Second Asian Expansion Initiative
|
Wyndham Hotel Group Announces Second Asian Expansion Initiative
|
Category: Asia Pacific
This is a press release selected by our editorial committee and published online for free on 2007-09-03
Announcing the second agreement for the expansion of its economy brands in Asia this week, Wyndham Hotel Group, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN), of Parsippany, N.J., today said a major construction firm has committed to develop at least 38 Super 8® and Days Inn® hotels throughout India by 2011.
Gammon India Ltd., a leading Indian construction and engineering firm based in Mumbai, signed a nonexclusive, seven-year agreement yesterday to develop Wyndham Hotel Group’s Days Inn and Super 8 brands to India. Gammon committed to build and open at least 12 hotels in 2009, 13 in 2010 and 13 in 2011.
Gammon will own and manage the hotels, and Wyndham Hotel Group International will provide operational, sales, marketing, training, quality assurance and architecture and design support.
The deal was signed just three days after Wyndham Hotel Group announced that Aetos Capital, LP would invest up to $50 million in Tian Rui Hotel Investment Corporation, master franchisor of the Super 8 brand in China, to accelerate hotel development. The Super 8 brand, with 49 hotels open and 67 under development, is among the largest economy chains in China.
“Wyndham Worldwide’s economy lodging brands took a major step forward in Asia this week with the signing of this agreement, which serves as a platform to grow the Super 8 and Days Inn brands across the Indian subcontinent,” said Steven A. Rudnitsky, Wyndham Hotel Group president and chief executive officer. “From a corporate perspective, we are fulfilling our strategic plan to grow our system outside North America.”
According to HVS International, a hospitality consulting firm, India will remain as one of the world’s fastest-growing tourism markets for the next three to five years. Demand for budget, economy and midmarket hotels in secondary and tertiary cities is expected to increase “significantly” with the development of roads and other infrastructure.
|
|
