Trade News
Inbound/ Domestic News
Outbound News
 
Home Trade News Details

TRADE NEWS

Wednesday, 12 February, 2020, 14 : 15 PM [IST]

After Taj JLT Dubai, CG Hospitality to strengthen its foothold in Middle East, East Africa and Europe

In India, the company to look at enhancing the valuation by buying assets

After opening the first hotel in Dubai, Taj Jumeirah Lakes Towers, CG Hospitality Holdings, the hospitality division of CG Corp Global owned by the Nepali Billionaire Binod Chaudhary, is all set to explore more investment and partnership opportunities in the neighbouring cities in the Middle East, Africa and Europe now.  The 200-room and suites Taj JLT hotel was opened in December 2019 at the buzzing Jumeirah Lakes Towers area of Dubai, announcing the foray of CG Corp Global into the most vibrant hospitality landscape of the region.

“Before entering any new region, our strategy is always been to establish a key asset first and then look for further opportunities around it,” said Rahul Chaudhary, MD & CEO, CG Hospitality Holdings & CG Corp Global in a telephonic interaction. He said that the company will now explore further opportunities in the neighbourhood in the Middle East like Abu Dhabi, Qatar, Saudi Arabia, etc. 

Chaudhary said that they have almost closed two deals in East Africa and one in Turkey which will be announced in a month’s time.  “Africa & Europe have always been key markets for us as we also expand in these regions through our other group verticals,” he said.

 CG Group has been active in the Middle East market for almost 17 years and has its Regional office in JLT. “We have been looking for multiple opportunities in the hospitality space in Dubai but nothing stuck a chord. As we saw the evolution of the UAE market over time we felt that JLT primarily a business driven market than a leisure one. DMCC has almost 20,000 companies already registered at JLT and  Taj JLT is the right hotel to cater to such a market with affluent businesses and discerning travels. Taj JLT is truly a 5-star luxury business hotel,” he said.

When asked about the reasons for partnering with IHCL and bring in the Taj brand when they had choice of international and local brands around, Chaudhary said that it was based on both long-standing partnership with IHCL as well as the huge Indian traffic coming into UAE which is the biggest strength of IHCL. 

“Apart from the fact we are partners for almost two decades now and jointly own some of the iconic hotels in Sri Lanka, Nepal, etc., the number of Indians travelling to Dubai also on the rise because they see Dubai as a quick getaway,” he said.  Taj’s loyalty sharing with Shangri-la Hotels also weighed in favour considering Dubai gets a lot of business traffic from China and South East Asia.

Talking about India market and their JV with Concept Hospitality, Chaudhary said that they are now one of the largest management companies in India with the 102nd property signed last week. “We are signing 15 to 20 hotels every year,” he said. While the Asset Light model of development has helped grow the overall portfolio of CG Hospitality Holdings globally, the group is also making investments in key cities globally to grow the value of the group and earnings.”  Chaudhary said that it is critical to enhance the valuation of the company to attract “strategic partnerships” in the future.

 “With 135 hotels in 11 countries and 87 destinations, we are one of the larger diversified hotel companies in the region with assets across geographies, from New York to China. Also, we are adding 15 to 20 properties year on year” he stated.

 

 


 
Post Your commentsPOST YOUR COMMENT
Comments
* Name :      
* Email :    
  Website :  
     
Receive the best of Travel content in your mailbox.
Enter your e-mail ID for our
Weekly e-Newsletter
   
© Copyright 2015 Saffron Synergies Pvt Ltd