IHG to triple presence in India

InterContinental Hotels Group Plc, the owner of Holiday Inn and Crowne Plaza brands, plans to more than triple its properties in India.

According to Bloomberg, IHG plans to add 46 new hotels over three to five years in India. "The chain is among operators including Wyndham Hotel Group and STarwood Hotels & Resorts Worldwide Inc. looking to tap the $1.9 trillion economy, even as an oversupply of rooms has depressed room rates for the last three years," the article reports.

Former Finance Secretary Arvind Mayaram said that India's economy will expand 7 percent in the next three years. 

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