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Fern hotel chain close to buying listed brand in India
Nepal’s CG Corp Global is in advance talks to acquire a publicly-listed hotel brand in India, a top company official has said.
It also plans to add 26 new managed hotel properties in the country expected to be operational in 2022.
“We are in the process of acquiring a well-known brand of a listed hotel company... It will give us a much bigger bandwidth in the hotel business than we currently have,” CG Corp Global Chairman Binod Chaudhary said.
The two firms are at the level of finalising commercial agreements, he added.
CG Corp Global - which operates in the hospitality business through brands including The Fern, The Fern Residency, The Zinc Living and Beacon - is looking to acquire the hotel brand that owns and operates hotel properties.
“Fern brand at present is a pure management company...Now, we are looking at the right balance between asset-light and company-owned properties. This brand (we are looking to acquire) has assets and into the management of hotel operations…We will add about 400 rooms through this acquisition,” he said.
CG Corp Global operates 112 hotel properties, with 6,013 rooms in 10 countries.