Hong Kong-based hospitality firm Shangri-La Group expects to open five hotels across India by 2024, more than tripling the company's presence in the country to seven properties, all operating via a management-contract model.
Shangri-La Group Middle East, India and Indian Ocean EVP John Northen told Indian news service PTI the new properties would be in "key locations" around the country.
Globally, approximately 80 percent of Shangri-La's 102 hotels are owned and operated by the company while 20 percent are under management contract.
Northen suggested acquisitions within India could be possible in the future. "Though we are not actively pursuing any particular acquisition, we are always open to opportunities," he told the service. "India is a very important market for us. We also have lots of Indian guests staying in our hotels around the world and it is growing all the time."