Best Western International said it plans to set up another 66 hotels in India over the next five years through management tie-ups with wealthy Indian investors, Reuters reports.
Business Standard, meanwhile, reports that Best Western will look to impress upon its franchisees for financing.
"We are talking to over 200 properties and hopeful of setting up 66 new hotels in India by 2017," Best Western India President and COO Sudhir Sinha said.
The company expects to secure 90 percent of the total investment of about $302 million from individual investors, Sinha told Reuters.
Best Western currently has 34 properties in India. Of these, 26 are operational and the rest are under construction.
The company plans to open 10-15 hotels per year in India over five years.
With funding scarce for new development in India, many hotel companies, such as Marriott International and Starwood Hotels & Resorts Worldwide, are seeking to attract investment from wealthy Indian investors.
"India is one of the fastest growing geographies and we are confident of meeting the hospitality needs across all segments of travellers here," said David Kong, president and CEO of Best Western. We wil focus on the growth opportunity beyond the metros, where quality hospitality is just emerging."
Said Best Western International Chairman of Board Devang Amin to Business Standard, "The Indian economy is growing dynamically. We are projecting to have 100 hotels with around 8,500 rooms by 2017 here."