Thailand-based Onyx Hospitality group is looking at entering the Indian market with two properties under its Amari brand.
Thailand-based Onyx Hospitality group is looking at entering the Indian market with two properties under its Amari brand.
Peter Henley, president and CEO, Onyx Hospitality, told dna, "We have entered into a joint venture with hospitality asset management firm Kingsbridge India. With them we would be developing seven more properties in India by 2020 apart from those coming up in Noida and Ahmedabad. So by 2022, we plan to operate around 10 properties in India."
The first two properties will be operational under the company's mid-to-upscale brand Amari. While one of the properties – 120-room full-service hotel with an additional 30 branded residences-- would be part of the World Trade Centre Noida, the other would be a 120-room serviced apartments at GIFT City, Ahmedabad. Both projects are greenfield developments, with Amari Residences GIFT City likely to be operational by 2017-18 and Amari Noida by early 2019.
Henley said though Onyx will only manage both Noida and Ahmedabad properties, the company will make some capital investments in the joint venture to develop the remaining properties.
"We will be investing alongside Kingsbridge in the JV. The vehicle will rake in additional investments from both public and private market. For the seven properties, we are looking at a capital infusion of $100 million. There would be a requirement of debt by around 40% as well," he said.
Apart from Noida and Ahmedabad, Onyx has identified 10 more locations such as Mumbai, Delhi, Jaipur, Surat, Pune, Goa, Bangalore, Kochi, Chennai and Hyderabad.
Onyx also plans to introduce its mid-scale select service brand Ozo under its partnership with Kingsbridge.
"Our role is to select the right brands for the right locations and we see market potential for our upscale hotel, resort and residences brand Amari, as well as our select service brand Ozo," Henley said.
Out of the total 10 properties, 7-8 are expected to be greenfield while the remaining 2-3 would be brownfield (expansion of existing) projects. Onyx currently manages 54 properties in 10 countries, 37 of which are operational, equating to over 6,000 rooms.
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