Accor, InterGlobe weigh IPO for joint hospitality venture

New Delhi: Europe’s largest hospitality chain Accor and InterGlobe are considering tapping the public markets for their joint hotel enterprise under which the companies plan to open 300 properties by 2030, Ranju Alex, the CEO of South Asia for Accor, told ET.

In April last year, Accor and InterGlobe announced that they were ‘strengthening’ their partnership to create a new platform that will target a network of 300 hotels under Accor brands by 2030.

“We are considering taking the public route in the near future. There has been a lot of market curiosity around this development, because, suddenly, from a management operator setup, we will now be owing assets. We will be investing in assets and we will continue running our assets as well,” said Alex.

“The dynamics have completely changed. It is very exciting, because India is a very robust market globally today. There is a lot of interest to see how the growth will pan out. We have said we are aiming for 300 hotels by 2030, but the idea is to surpass that goal,” she added.

2025 was a ‘record year’ for Accor in India, as the company signed around 4,000 rooms, the highest in its history, said Alex.

“The India Pakistan skirmish had a little bit of effect for a couple of months, but India showed resilience and we were very quickly back in the game. Our revenue per available room grew by about 12% over 2024,” she said. “We added some hallmark hotels into our portfolio. We opened Fairmont Udaipur and Fairmont Mumbai which have established themselves very well in the market. Our aim is to reach the five digits mark in signings this year,” she added.

Accor also launched new hotels in markets such as Delhi and Chennai. Alex said unlike previous years where the impetus was on premium and mid scale, luxury signings have really taken off for the chain. Accor has signed a hotel under Sofitel Legend, its ultra luxury brand for Jaipur, besides the Sofitel in Rishikesh and three more Sofitel hotels in Mumbai. “We are looking forward to launching the Raffles hotel in Ranthambore and the Fairmont Agra. The cherry on the cake has been the opening of the Roswyn, A Morgans Originals hotel in Mumbai,” said Alex.

“It is a hotel that India has never seen and it is targeting only the creme de la creme customer base. It’s our first Ennismore hotel in India. The next one called The Hoxton, a popular brand in Europe, is coming to Bengaluru and should open by the end of the year,” she added.

Ennismore is a joint venture created in 2021 between Accor and the predecessor Ennismore luxury hotel operator. Accor is Ennismore’s controlling shareholder.

“We are excited about the debut of Ennismore in India. Ennismore has been a highly successful business model in the US, parts of Europe and the Middle East. I am glad it is coming to India,” said Alex.