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India Hospitality Corp. (IHC) has entered into an agreement with Firstcorp Invesco Pvt Ltd to acquire the "You" brand from Firstcorp for a cash consideration of $400,000. IHC intends to rapidly expand this newly acquired brand throughout its vertically integrated Indian businesses, particularly in its lodging segment. "You" is a contemporary hospitality brand characterized by technology, youth, and consumer understanding. It propagates the "Living" concept, which is positioned around a central theme of a lifestyle enabled by hospitality, contemporary living and communities, fashion retail, food and beverage, wellness and business centers.
"We are excited to launch 'You' through core hospitality businesses," said Jason Ader, chairman of IHC. "This cutting edge brand is ideally designed to accelerate the pace of development of our lodging business, which we continue to believe presents a very attractive return on investment opportunity in India." Firstcorp is a company owned and controlled by Ravi Deol, who is a director and CEO of IHC, and Sandeep Vyas, chief operating officer and also a Director of IHC. For more information, visit www.indiahospitalitycorp.com.
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