The JV will invest USD 150 million in developing hotel assets across the country and globally over 2-5 years, the companies said in a joint statement.

Signum Hotels & Resorts and real estate advisory firm IQI India on Wednesday announced the formation of a joint venture PDG Signum Hospitality to develop hotel assets.

The JV will invest USD 150 million in developing hotel assets across the country and globally over 2-5 years, the companies said in a joint statement.

“We are pleased to form this strategic joint venture with IQI India with a 50-50 partnership, where IQI will bring in assets and Signum will be operating these assets. To accelerate the expansion in the country and abroad, this JV will be investing USD 150 million in the next 2-5 years,” Signum Hotels & Resorts Founder & CEO Mehul Sharma said.

While expansion in the Indian market will remain the focal point of this collaboration, opportunities to expand overseas will also be explored given IQI’s strong International presence, the statement 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 the commercial real estate segment,” IQI India Chairman and MD Pankaz Jaiin said.

Source: PTI

(This story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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