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Cygnett Hotels & Resorts signs shareholder agreements to foray into GCC market

Indian hotel management company, Cygnett Hotels & Resorts, as part of expanding their operations to international market, has signed shareholder agreements for the Middle East market. These include a hotel investment company and a leading travel agency in the Middle East. According to Vikram Malhotra, Group President & CEO, Cygnett Hotels, the company will be entering the Middle East market as a management company with the local partners.
“Our intention is to set up  portfolio of hotels which we can showcase to the market before investing ourselves into the market,” Malhotra said. The hotel company will focus on GCC countries of UAE, Oman, Saudi Arabia, Qatar, etc. in the initial years. “We are already in talks with a couple of owners in places like Sharjah, Dubai, and Ajman. The first hotel could be as early as four months from now,” he informed.
Source: http://www.hospitalitybizindia.com/detailNews.aspx?aid=20955&sid=1