Global hospitality consulting firm HVS is planning to re-enter the Indian market, which it exited last year after a 20-year successful run.
Industry sources familiar with the development told DNA Money that Stephen Rushmore Jr, president and chief executive officer of the New York-headquartered HVS, has already initiated discussions with potential partners for re-establishing its presence in the Indian hospitality industry.
"The HVS top management has had meetings with Anuj Puri of Anarock Property Consultants and Jehangir H Aibara of Mahajan & Aibara Management Consultants for a possible association. Besides, talks were also initiated with a few hospitality industry experts for heading the HVS business when re-launched in India," said an industry source.
When contacted, a spokesperson from Anarock Property Consultants Pvt Ltd, formerly Jones Lang LaSalle Residential Pvt Ltd, said, "We cannot comment on market speculation."
Jehangir H Aibara, director, Mahajan & Aibara, did not respond to queries seeking confirmation and clarity on the same.
Responding to a DNA Money email, Stephen Rushmore Jr of HVS said, "I won't confirm or deny anything. We will be updating the industry when the timing is right. We are still very much committed to the region and continue to be supported by my firm's global reach in assisting our clients in India."
In fact, there are very strong market rumours that HVS may have already finalised on going ahead with Anarock for its second innings in the Indian hospitality market. However, the business has not been made official as HVS/Anarock have not yet finalised the candidate to head the hospitality consulting vertical.
HVS had entered the Indian hospitality market in 1997 in a joint venture (JV) with Manav Thadani, who headed the business for two decades. However, in December last year, Thadani chose to walk out of the JV and launched his own company under the banner Hotelivate. The entire team of HVS India also moved with Thadani to join the new venture.
Earlier this month, Hotelivate also entered into a strategic partnership with a leading US-based hospitality consulting firm LW Hospitality Advisors (LWHA). The two firms plan to collaborate across North America and Asia-Pacific regions. Besides, as part of its expansion plans globally, Hotelivate launched an office in Singapore and now has seven partner offices.
With its former JV partner already enjoying a 20-year head start in addition to access to global markets with the LWHA partnership, it remains to be seen if HVS's second innings, as and when it launches, in the Indian hospitality market will be as successful as the first one.
EYEING A RED CARPET
- President and CEO of HVS has already initiated discussions with potential partners, sources said
- HVS had entered India in 1997 in a JV with Manav Thadani, who exited the JV last year to start Hotelivate
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