Intercontinental Hotel Group’s (IHG) development plans have been dealt a blow after their management agreement with real estate developer Eros fell through. An IHG spokesperson told Daily News and Analysis; “We have agreed to the earlier discontinuation of the hotel management contract due to expire in 2012 for the InterContinental Nehru Place.” Not only has IHG lost a contract on this hotel, but two other hotels currently under development as well. Eros is planning two substantial developments in New Delhi’s Mayur Vihar area, but the future of these properties is now in jeopardy as the two hospitality giants part company. “A mutual agreement has been reached as well to discontinue the development projects for the InterContinental and Holiday Inn Mayur Vihar with the hotel owner,” said IHG. Media reports suggest the realtor is in discussions with other international brands to take over management of the developments, but although nothing is finalised, Hilton Worldwide are hotly tipped undertake the branding and management of the hotels.
While the rumour mill goes into over drive regarding reasons for the split, Eros maintain that their reasoning for terminating the partnership with IHG is strictly business and apolitical. While this represents an undoubted set-back for the world’s largest hotel chain, IHG is undeterred and focused on pursuing a hefty share in the Indian hospitality market. “The overall development pipeline is very robust and we are targeting to triple the number of our hotels in India to over 50 properties by 2015,” said the spokesperson.
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