CG CORP PLANS TO BUY LISTED HOTEL BRAND IN INDIA

NEW DELHI: Nepal-based CG Corp Global is in advance talks to acquire a publicly-listed hotel brand in India, a top company official has said.

The company also plans to add 26 new managed hotel properties in the country expected to be operational in 2022.

“We are in the process of acquiring a very well known brand of a listed hotel company... It will give us a much bigger bandwidth in the hotel business than we currently have,” CG Corp Global Chairman Binod Chaudhary told PTI.

The two companies are at the level of finalising commercial agreements, Chaudhary added. CG Corp Global—which operates in the hospitality business through brands including The Fern, The Fern Residency, The Zinc Living and Beacon—is looking to acquire the hotel brand that owns and operates hotel properties.

“Fern brand at present is a pure management company...Now, we are looking at the right balance between assetlight and company-owned properties. This brand (we are looking to acquire) has assets and into the management of hotel operations…We will add about 400 rooms through this acquisition,” he said. At present, CG Corp Global operates 112 hotel properties, with 6,013 rooms in 10 countries.

The company plans to add 29 properties, with 2,233 keys. Out of these, 26 hotel properties in India and these properties are expected to be operational by 2022. The rest three are owned by CG Corp Global with joint venture partners to come up in Nepal, Bhutan and Thailand.