HBI Staff | Hyderabad 
Rahul Bhatia-owned InterGlobe Enterprises (IGE) announced its entry into the European hospitality market, starting with a launch in Paris in mid-July, followed by Barcelona in August. The new luxury lifestyle hotel brand, Miiro, will continue its expansion with launches in London and Vienna into 2025, according to Neena Gupta, CEO of Miiro and Executive Director of Group Strategy and International Hospitality at InterGlobe Enterprises.
Gupta, who also oversees the hospitality business of InterGlobe Enterprises, which owns IndiGo Airlines, stated that the hotel properties are managed under a fully owned UK entity. This entity began acquiring hospitality assets in 2018 and now owns over 2,000 rooms, including a 240-room hotel in Melbourne, Australia.
The company planned to transition three upcoming hotels to the Miiro brand. These hotels, located in 10 countries including the new ones in Paris, Barcelona, and London, had been operational since their purchase in 2018 and 2019. The venture aimed to purchase high-yield assets in iconic locations, and in 2019, it acquired 10 hotels from Austrian company K+K Hotels Elisabeta. These hotels spanned Austria, the Czech Republic, France, Germany, Hungary, Romania, Spain, and the UK. While Gupta did not disclose the acquisition cost, media reports indicated that the K+K Hotels were initially purchased by Highgate Hotels and Goldman Sachs for $300-350 million in 2015, and later sold to InterGlobe in 2019 for about $450 million. InterGlobe has since sold the hotel in Bucharest, Romania.
Earlier this week, Rahul Bhatia sold a 2% stake in InterGlobe Aviation for ₹3,360 crore to fund the expansion of its hospitality and other businesses. InterGlobe Enterprises stated in a June 11 exchange filing that the proceeds would be used for scaling up its hospitality ventures and other incubating businesses, as well as for general corporate purposes. A spokesperson confirmed this was the only statement regarding the sale of shares.
InterGlobe’s hospitality business is one of the few organized Indian hotel ownership businesses abroad, alongside the Hindujas and Ambanis in the UK. In India, InterGlobe Hotels, a partnership with French hospitality group Accor, operates about 7,000 rooms across 30 hotels. The partnership, established in 2004, aimed to develop a network of budget hotels in India, Nepal, Sri Lanka, and Bangladesh, catering to budget airline travelers by Indigo.
Gupta emphasized that Miiro targets 30-plus “frequent and evolved” travelers to major European cities. Priced upwards of €350 a night, Miiro Hotel Le Grand Hôtel Cayré in Paris would open first in July, followed by Miiro Hotel Borneta in Barcelona in August. Miiro Hotel Templeton Garden in London was slated to open in 2025.
“Our bold move to acquire hotels in Europe targets the mature and sophisticated markets of London and Paris. Owning and operating our properties gives us an edge,” said Gupta. Despite InterGlobe’s extensive experience in the Indian travel and hospitality sector, it had not launched its own hotel brand in India. The focus on Europe was part of an externalization strategy to acquire unique assets in iconic city centers.
By 2018, the company had acquired its first hotel at Schiphol airport in Amsterdam, with 417 rooms, followed by a 278-room hotel in Hamburg. Gupta highlighted their goal to compete with the best independent brands in a crowded market, expecting source markets to continue from the UK, US, and Europe.
“We are not ruling out India, but for now, the focus is on launching our series of hotels in Europe. Miiro is unique, tailored to its location, and not a cookie-cutter approach,” Gupta added.
InterGlobe’s Hotel Ownership Journey:
– 2004: Partnership between InterGlobe Enterprises and Accor Asia Pacific to develop Ibis Hotels.
– 2015: Highgate Hotels and Goldman Sachs JV purchase K+K Hotels.
– 2018: InterGlobe acquires Sheraton hotel at Schiphol airport, Amsterdam (417 rooms), and Reichshof Hotel, Hamburg (278 rooms).
– 2018: Acquires 241-room Quincy Hotel in Melbourne, Australia.
– 2019: Acquires ten-hotel portfolio from K+K Hotels for approximately $450 million, later selling one in Bucharest.
– 2023: Announces Miiro, a new lifestyle hotel brand in Europe.
– 2024: Rahul Bhatia sells a 2% stake in InterGlobe Aviation, raising approximately ₹3,360 crore.
– 2024: Ibis Hotels business owns about 30 hotels in India.
– 2024 : Formal launch of Paris hotel in July; Barcelona in August.
– 2025: Planned opening of London property in early 2025 and two hotels in Vienna in mid-2025.
Source: Mint
