Indian Hotels Company to revamp Ginger hotels
The Indian Hotels Company is planning to spend Rs 180-200 crore to revamp budget brand Ginger Hotels. The estimated cost, as per ET reports, is Rs 8-10 lakh per key.
The company is planning to renovate hotels located in key markets over the next two years and is evaluating monetising its assets to fund the proposed renovation. Six assets are being considered for the sale and lease-back arrangements, said the report.
Ginger has recently launched its first prototype hotel with a new brand identity at Panjim, Goa.
Ginger is present across 32 cities through 45 hotels with another 11 under development. The new openings will be in Madgaon, Goa, Patna, Sanand, Surat and Visakhapatnam, said ET.
It was also reported that Ginger was looking to sell six properties in locations like Goa, Whitefield Bengaluru, Mysuru and Pondicherry for sale and lease-back arrangements.