InterContinental, Duet to Build Holiday Inns in India, FT Says

InterContinental Hotels Group Plc (IHG) is taking 24 percent of a joint venture with Duet India Hotels Group to build 19 Holiday Inn Express hotels in India during the next five years, the Financial Times reported, citing Richard Solomons, IHG’s finance director.

IHG is putting $30 million of its own cash into the venture, to be paid over three years, the newspaper said.

The U.K. company plans to have 150 hotels in India by 2020, the FT said.

To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net.

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