Louvre Hotels partners India's Orange Tiger Hospitality to introduce 'Kyriad'
Europe’s Louvre Hotels Group (LHG) has partnered Indian firm Orange Tiger Hospitality (OTH) to introduce its new brand ‘Kyriad’ in the country. DNA Money had first reported LHG’s India plans for Kyriad in its March 16, 2018, edition.
Saurabh Chawla, global chief development officer, LHG, told DNA Money, “As part of the master franchise agreement, OTH will be responsible for operating and managing Kyriad branded hotels in India and the Indian sub-continent i.e, Nepal, Sri Lanka, Bangladesh, Bhutan, Maldives, Pakistan and Mauritius. LHG also plans to use a similar master franchise route to introduce its two other brands viz. Premiere Classe and Campanile in the Indian market over the coming years.”
The master franchise with OTH is for a 15-year tenure and will see the Indian partner launch eight hotels that are already being branded Kyriad or are in the process of being brought under the Kyriad portfolio.
Abhijeet Shrivastava, chief operating officer, Orange Tiger Hospitality Pvt Ltd, said, “We are in advanced stages of negotiations with another seven to eight hotels and should be able to onboard them soon. The Kyriad portfolio by end of fiscal 2019 will comprise 15 hotels. Thereafter, we are targeting an annual run rate of eight new hotels under the Kyriad brand for the next two-three years.”
A full-service, mid-scale brand featuring 30 to 90 guest rooms, the hotels will charge anything between Rs 3,000 and Rs 8,000 for a night’s stay depending on the markets. “Most of these are new hotels and the additions in this fiscal will also be new hotels,” said Shrivastava.
A homegrown hotel management company, OTH currently manages all Citrus hotels in India. With the owners of brand Citrus, O P Goenka, chairman of the Mirah Group, going through a financial crisis, it is likely that individual hotel owners will gradually move out of the Citrus network.
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It is unclear at this stage whether all these individual hotel asset owners will join the Kyriad portfolio.
Source: DNA Money