Absolute Hotel Services forms Indian joint venture
Bangkok, Thailand (January 22, 2010) - Jonathan Wigley, CEO of Absolute Hotel Services Co., Ltd. announced a joint venture company in India with KBJ Group and National Capital Management Pvt. Ltd. (NCMPL). The new company, called Absolute KBJ Hotel Services India established to support Absolute Hotel Services company expansions in hospitality management and consultancy services across India, Bangladesh, Sri Lanka, Nepal and Maldives, and will start operating from February 1, 2010 from its office in Mumbai. Mr. Mark Heather has been appointed Regional Managing Director of the company who will head a team of locally grown talent with in depth market knowledge and understanding. An initial management portfolio of 15 hotels and resorts with over 1500 rooms will be announced throughout 2010.
Absolute KBJ Hotel Services India is a partnership with Absolute Hotel Services (60%), KBJ Hotels Ltd (20%) and National Capital Management Pvt Ltd (20%). The company will operate properties under five brands: U Hotels & Resorts, Eastin Hotels, and Eastin Residences (owned by Absolute Hotel Services), and KBJ Hotels and KBJ Residences (owned by KBJ Hotels Ltd).
Affiliate branding of KBJ-owned hotels whether as members of U Hotels & Resorts, Eastin Hotels or Eastin Residences will depend on the property’s positioning.
Mumbai-based KBJ Group that has been in the jewellery business for three generations is now entering the hospitality industry through development and management under KBJ Hotels Ltd. The first five hotel development projects will be focused in the northern part of India including Varanasi, Bodh Gaya, Kushinagar, Khajuraho and Goa. Future development phases are planned to take the portfolio up to 15 properties.
National Capital Management Pvt. Ltd. (NCMPL) is one of the leading companies in financial management in India, providing expert financial, management and project consultancy services with the best solutions to clients in India and abroad including several large industrial and business houses, government, semi government organizations and the corporate sector. For the hospitality industry, the company has handled more than 150 assignments all over India such as Le Royal Meridien Mumbai, Taj Residency Ummed Ahmedabad, Taj Gateway Vadodara and Courtyard by Marriott Ahmedabad.
Mr. I.S. Kadri, Managing Director of NCML said “This joint venture is an important step forward in our effort to build our wealth management franchise as well as providing tremendous value and benefits for our clients, which we believe will be an increasingly important and profitable part of NCMPL’s business in the years ahead.”
Mr. Mohit Kamboj, Managing Director of KBJ Group, said, “There is immense potential in the Buddhist tourist circuit of India, which is highly untapped. There is huge requirement of quality hotel rooms in these locations with a significant inflow of tourists from South East Asia. We want to create our first set of room inventory in these locations.”
Mr. Jonathan Wigley, CEO of Absolute Hotel Services Co. Ltd. and the Chairman of Absolute KBJ Hotel Services India said: “A joint venture with KBJ Group and NCMPL is a significant expansion for us and with our joint venture partners we have the best expertise in their respective fields to benefit from. National Capital Management Pvt. Ltd. is one of India’s leaders in financial, project management and consultancy together with the KBJ Hotels’ development projects that are underway, and for us it is important to co-operate with market leaders in long term partnerships. The agreement now signed will further enhance AHS to become a leading regional hospitality company over the next few years.”