Ibis plans Rs 500 cr investment in four new properties by FY24

International hotel chain Ibis, owned by the Accor Group and a joint venture with Interglobe Hotels, will invest over Rs 500 crore by FY24 to add four more properties with 685 rooms. Ibis, which just opened its 20th property in the country at Vikroli in Mumbai, with 249 rooms, making it the country's largest, has 3,808 rooms spread across 20 properties in 13 cities, three of which are in Mumbai. Since its inception in 2008, when it opened its first property in Gurugram, the JV has invested over Rs 2,700 crore. The other Ibis hotels in Mumbai are at the airport which opened in 2011 with 148 keys and in Navi Mumbai with 196 rooms launched in 2016. There are 20 Ibis hotels in total, 19 of which are economy Ibises and one of which is a premium Ibis Styles in Calangute, Goa, with 197 rooms. JB Singh, the president and chief executive of Interglobe Hotels, told media that since 2008, they have invested over Rs 2,700 crore across the 20 Ibis hotels, and by FY24, they will have invested over Rs 500 crore more across the upcoming four properties, bringing the total inventory to close to 4,500 rooms. The new hotels will open in Hebbal, Bengaluru, in the third quarter of 2022, with 153 rooms; Thane, near Mumbai, with 184 rooms by May 2022; Kalina, central Mumbai, with 206 keys by the first quarter of 2024, making it the megapolis' fourth Ibis; and Vagator, Goa, with 142 rooms by the end of 2033, Singh said. Singh said that the 20 Ibis hotels currently open in Mumbai, Kolkata, Pune, New Delhi, Gurgaon, Hyderabad, Chennai, Kochi, Coimbatore, Jaipur, Nashik, Bengaluru, and Goa have a total of 3,808 keys. Image Source Also read: 360 Realtors to acquire 2 lakh sq ft of commercial and retail space