InterGlobe Appoints Cycas As It’s European Operating Partner
Main Photo: The Hotel Reichshof Hotel, outside of the K+K brand, included in the deal
Date: July 2022
Name: InterGlobe Enterprises and Cycas Hospitality with K+K Hotel Portfolio
Locations: This deal: Hamburg, Paris, Barcelona, London, Vienna, Prague, Munich, Budapest and Bucharest.
Number of Keys: K+K – 1,200 plus 278 at Hotel Reichshof Hamburg
Owner: InterGlobe Enterprises, an Indian with successful businesses across Aviation, Hospitality and Travel-related sectors. InterGlobe’s portfolio of hotel assets is spread across India, Europe and Australia.
Manager: Cycas Hospitality, with operations in twelve countries and with six global brand partners, they manage hotels from select-service to full-service, boutique, luxury, independent, extended stay and serviced apartments. Their majority shareholder, Hua Kee is a family-owned Thai conglomerate.
InterGlobe Enterprises is one of India’s largest and most innovative companies, with successful businesses across Aviation, Hospitality and Travel-related sectors. InterGlobe’s portfolio of hotel assets is spread across India, Europe and Australia.
Cycas will partner with InterGlobe to manage its portfolio of European hotels, including ten properties in the K+K Hotel portfolio, located in eight of Europe’s cities – Paris, Barcelona, London, Vienna, Prague, Munich, Budapest and Bucharest. The partnership also includes management of the Hotel Reichshof in Hamburg, a luxury 278-room hotel whose Art Deco style and upmarket facilities reflect the listed building’s landmark location.
Cycas is expanding its team to support the InterGlobe portfolio, with new leaders in Operations, People & Culture, Finance, Commercial and Property Management.
Neena Gupta, Executive Director – Group Strategy and International Hospitality for InterGlobe Enterprises, said: “We are delighted to be partnering with Cycas Hospitality. Cycas has exceptional leadership, and a highly professional, multinational and diverse team, with deep market knowledge and experience. We are confident that the combined passion and creativity of our teams will deliver a unique quality of operational and service excellence in Europe.
Matt Luscombe, Chief Executive Officer at Cycas Hospitality, said: “Everyone at Cycas Hospitality is incredibly proud and excited to begin this partnership. With the addition of the InterGlobe portfolio, Cycas now expands to 12 countries, including our first hotels in Spain, Austria, The Czech Republic, Hungary and Romania. Neena is a visionary leader with an ambitious and transformational plan for InterGlobe’s portfolio. I am very confident that, together, we will set a new bar in the European boutique hotels sector.”
K+K Hotels was established by the Koller family, who sold the portfolio in 2015 to an Highgate/Goldman Sachs JV. The group was then sold on to InterGlobe in June 2019
Price: Undiclosed
THPT Comment: Wow this really takes Cycas to the next stage…both in terms of numbers of hotels, as well as geographic spread and hotel style…we once thought of Cycas as just serviced apartments, as was John Wagner’s background, when we first knew him when he was Marriott’s man in Europe for Residence Inns.
First Seen: Cycas press release
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market. For more information – Visit www.thpt.co.uk or email [email protected]
