News for the Hospitality Executive
Gammon India Ltd. to Develop at Least 38 Wyndham Branded
and Days Inn® Hotels Throughout India by 2011
|PARSIPPANY, N.J. (Aug. 30, 2007) – Announcing the second
agreement for the expansion of its economy brands in Asia this week, Wyndham
Hotel Group, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN),
of Parsippany, N.J., today said a major construction firm has committed
to develop at least 38 Super 8® and Days Inn® hotels throughout
India by 2011.
Gammon India Ltd., a leading Indian construction and engineering firm based in Mumbai, signed a nonexclusive, seven-year agreement yesterday to develop Wyndham Hotel Group’s Days Inn and Super 8 brands to India. Gammon committed to build and open at least 12 hotels in 2009, 13 in 2010 and 13 in 2011.
Gammon will own and manage the hotels, and Wyndham Hotel Group International will provide operational, sales, marketing, training, quality assurance and architecture and design support.
The deal was signed just three days after Wyndham Hotel Group announced that Aetos Capital, LP would invest up to $50 million in Tian Rui Hotel Investment Corporation, master franchisor of the Super 8 brand in China, to accelerate hotel development. The Super 8 brand, with 49 hotels open and 67 under development, is among the largest economy chains in China.
“Wyndham Worldwide’s economy lodging brands took a major step forward in Asia this week with the signing of this agreement, which serves as a platform to grow the Super 8 and Days Inn brands across the Indian subcontinent,” said Steven A. Rudnitsky, Wyndham Hotel Group president and chief executive officer. “From a corporate perspective, we are fulfilling our strategic plan to grow our system outside North America.”
According to HVS International, a hospitality consulting firm, India will remain as one of the world’s fastest-growing tourism markets for the next three to five years. Demand for budget, economy and midmarket hotels in secondary and tertiary cities is expected to increase “significantly” with the development of roads and other infrastructure.
Wyndham Hotel Group, one of three principal components of Wyndham Worldwide (NYSE:WYN), encompasses nearly 6,500 hotels and more than 541,000 hotel rooms on six continents. All hotels either are independently owned franchises or managed by a Wyndham Hotel Group subsidiary.
Wyndham Hotel Group’s TripRewards® loyalty program is the largest in the lodging industry based on the number of participating hotels. Additional information is available at www.wyndhamworldwide.com.
Gammon India Ltd. was established by the late J.C. Gammon in 1919 as a civil engineering and contracting firm and incorporated in 1922 as a private limited company under the name of J.C. Gammon (Bombay) Pvt. Ltd. The firm went public in 1962 and was rechristened as Gammon India Ltd. The company has constructed bridges, highways, marine structures, cooling towers, stacks, tunnels and dams throughout in India and the Middle East.
|Also See:||Royal Orchid Hotels Ltd. Investing $100 million to Build 10 Ramada Hotels in India / December 2006|
|He Ping Li Hotel Company Signs 10-year Agreement with Wyndham Hotel Group to Manage 550 room Hotel Under Construction in Xiamen, Fujian Province / March 2007|