Global hospitality giant Marriott International Inc has made its first direct investment in India as it picked up a stake in hotels operator Concept Hospitality Pvt Ltd.
Marriott has invested around $15 million in Mumbai-based Concept Hospitality, which manages over 120 mid-market to luxury hotels under the Fern Hotels, Zinc, and Beacon brands. The investment valued Concept Hospitality at around $100 million (Rs 843 crore), implying that Marriott picked up a 15% stake.
Concept Hospitality is majority-owned by Nepal’s CG Corp Global, whose hospitality arm has a global portfolio of more than 193 hotels and resorts across 12 countries and 127 destinations, totaling over 12,000 keys.
The two companies have also signed an agreement to develop a 52-acre property in the Philippines--The Farm at San Benito, Batangas—into an Autograph Collection hotel. The Autograph Collection is part of Marriott’s premium property portfolio, which includes about 330 hotels across 50 countries.
The wellness-focused property is expected to be launched by Q3 2025, with plans to replicate the model in India. “The Farm at San Benito will set new standards in luxury wellness. We look forward to pursuing opportunities to bring this concept to India soon, supporting the country’s vision to become a global wellness hub," said Rahul Chaudhary, managing director and CEO of CG Corp Global and CG Hospitality Holdings, the company’s hospitality arm.
CG Hospitality Holdings acquired Concept Hospitality in 2017, but the financial details of the deal remain undisclosed.
Concept Hospitality was previously backed by private equity firm Lighthouse Funds. The mid-market PE firm had picked up a stake in the company in 2009 through another hotel firm which later merged with Concept. Lighthouse exited Concept Hospitality in 2017-18.
There has been heightened investor interest in India’s hospitality sector recently. In April, Singapore's sovereign wealth fund GIC said it will acquire a 35% stake in each of the three units of SAMHI Hotels for a total investment of about $88 million as part of a joint plan to develop upscale hotels in India.
According to a report by JLL, the Indian hospitality sector saw resilient growth in 2024, with 25 deals at 42,000 new hotel keys, driven by high-net-worth individuals, family offices, and private investors amid post-pandemic travel demand.
