India Hospitality Corp. (IHC) today announced that Mr. Ravi Deol, a name synonymous with the successful development of organized retail in India, has joined with the company as part of a major initiative to rapidly grow its hotels and food services businesses.
Mr. Deol joins IHC’s Board of Directors and has been named as Chairman and Chief Executive Officer of Mars Restaurants Pvt. Ltd., IHC’s hotels and food services division.
IHC is one of India’s newest diversified hospitality companies, formed last year through the acquisition of Gordon House Hotels, Mars Restaurants, and SkyGourmet Catering.
Confirming the news, Ravi Deol said, “I am excited by this unique association with IHC as it gives me the opportunity to build on India’s fastest emerging consumer sector and the platform that allows me to pursue my entrepreneurial ambitions. My enthusiasm and understanding of this sector will see the creation of food and hotel concepts which will be executed with speed and excellence. A large committed pool of capital and a strong management team will build significant value creation for both consumers and shareholders. I consider that the current stage of the Indian economy presents us with the perfect opportunity for both organic and inorganic growth.”
The Board of India Hospitality Corp. also approved the launch of a $200 million hospitality fund. Mr. Deol will be the managing director and general partner of the fund. The fund’s capital, combined with leverage, will allow the company to make a significant investment into the development and/or acquisition of Indian hospitality properties.
“With significant equity capital at the company’s disposal, we believe IHC can add nearly 2,000 hotel rooms and drive earnings growth,” commented Richard Foyston, IHC deputy chairman.
Foyston additionally noted, “Having Ravi Deol on board is another step in executing IHC’s core strategic initiatives. His experience brings significant value to the existing IHC management team and to our new hospitality fund, and we look forward to working together.”