Brigade Enterprises rises 2% after deal with IHG Hotels & Resorts to introduce the InterContinental brand in Telangana
Upstox
2 min read • Updated: April 25, 2024, 4:28 PM
Summary
Brigade Enterprises said the latest collaboration between the two brands is in line with IHG’s strategy to expand its luxury and lifestyle portfolio in the country and Brigade’s plan to develop its hospitality footprint in Hyderabad.
Shares of Brigade Enterprises rose over 2% on Thursday after the company announced the signing of a management agreement with IHG Hotels & Resorts (IHG) to introduce the InterContinental brand in Telangana. InterContinental Hyderabad Neopolis is slated to open in 2029, the firm said.
Brigade Enterprises said the latest collaboration between the two brands is in line with IHG’s strategy to expand its luxury and lifestyle portfolio in the country and Brigade’s plan to develop its hospitality footprint in Hyderabad.
InterContinental Hyderabad Neopolis is expected to have 300 rooms and will have five dining options, including a signature restaurant, two specialty restaurants, and a lobby lounge.
Sudeep Jain, Managing Director, South West Asia at IHG Hotels & Resorts said Hyderabad is gaining prominence as one of the best cities in the country with the upcoming IT sector, global retail presence, and heavy industries. “This can present an appealing opportunity to us to deliver unparalleled luxury experiences to a new set of travellers,” he said.
IHG currently has 46 hotels operating across five brands in India, including Six Senses, InterContinental Hotels and Resorts, Crowne Plaza, Holiday Inn Resort, and Holiday Inn Express, and a pipeline of 49 hotels due to open in the next 3-5 years.
Meanwhile, the brand InterContinental has over 220 open hotels across more than 60 countries. In 2023, it reached a pipeline of 100 hotels and resorts for the first time.
Brigade Enterprises is a property developer with projects in Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru, and Chikkamagaluru with developments across residential, office, retail, and hotels segments.
The company’s pipeline of new launches stands at around 1.26 crore square feet in the residential segment, 63.3 lakh square feet in the commercial segment and 10.6 lakh square feet in the hospitality segment.
Shares of Brigade Enterprises have risen over 16% since the beginning of the year. The stock has risen over 110% in the last one year.