The JV committed an investment of $150 Million in developing hotel assets across the country and globally over a period of two to five years, said a press release.
The partnership will capitalise on the opportunity to identify and acquire assets at competitive deals, and aims to develop 5,000 keys over a period of next two to five years. The expansion will be fueled through mergers, acquisitions and property investments across metros, Tier-2 and 3 cities to promote domestic as well as inbound tourism, added the release.
IQI India is the India arm of the global IPC IQI based in Malaysia having operations in 17 countries through PaMa D’Globizen.
Mehul Sharma, Founder & CEO, Signum Hotels & Resorts, said, ‘We are pleased to be forming this strategic joint venture with IQI India to accelerate our expansion in the country where IQI brings in assets and Signum operates these assets. No hotel brand is successful without a real estate partner, and this joint venture will capitalise on IQI’s global real estate prowess to identify and develop the right assets.”
Pankaz Jaiin, Chairman and Managing Director, IQI India and Chairman PaMa D’Globizen, said, ‘Our team experience of decades in the India real estate and retail market coupled with our access and network through more than 200 cities across India fosters our confidence in the Indian hospitality market and we are eyeing an aggressive expansion in commercial real estate segment.”