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« Parsvnath launches Parsvnath City Center | Home | Portman to develop Tier-2 projects to survive realty slowdown »

US hotel group to enter luxury real estate

US based Preferred Hotel Group (PHG) will soon enter into the Indian luxury real estate market with its Time Share model, Preferred Residences. The company had launched the brand in the US market in collaboration with Interval International timeshare exchange network in early 2007. PHG has enlisted eight hotels under the Preferred Residences brand in the US in the last one year. PHG, which entered India with a single hotel property in Delhi, The Imperial, in 2002, has 18 hotels in India now, including the four hotel properties the group added recently. Out of these 18 hotels, two are under the Sterling brand; two under the Summit brand and the rest are under the Preferred Hotels and Resorts brand. “Currently, we are the second largest brand in India, just behind Starwood. Internationally, we are one of the fastest growing brands with a total of 685 hotels across 75 countries,” says Ananya Narayan, Senior Vice President – Global Strategy, PHG.

Commenting on the growth prospects of the brand in the Indian market, Narayan said, “We are currently, present in 10 cities with these 18 hotels. We aim to have a presence in 15 cities and have a total of 33 hotels in the next couple of years, as most of our existing partners are on an expansion mode.” He also said that PHG enjoys the highest retention rate of 95 per cent as compared to its competitors. Revealing their plans to launch the luxury real estate brand, Preferred Residences in India, he said, “The company has just started thinking and talking about it. So far our focus was on consolidation. We have to make sure that all the hotels which joined us do well. That’s our commitment to our partners. So, while fulfilling our commitment we also want to discuss Preferred Residences in the market. We hope to make some announcements in the next six months.”

Comparing the existing Time Share model in the country to Preferred Residences, Narayan said that the Time Share model failed to take off in India because of lack of flexibility in the concept. “Time Share model in India didn’t work because of a few problems. The model was the same one which was used in the US. That model never can work in India because Indians are smart with numbers. They are much more money-minded.” He added that the Time Share model PHG will bring to India will be more flexible and will suit the Indian mindset.

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