InterGlobe Hotel Brand Miiro Plans Major European Expansion

InterGlobe Enterprises Pvt. Ltd has plans to launch around a dozen hotels in Europe under its new hotel brand Miiro, the Mint has reported.

The company is set to enter the European hospitality market beginning with Paris in. Hotels are also planned for Barcelona in August. The entry-level luxury lifestyle hotel brand will continue back-to-back launches into 2025 with London and Vienna, said Neena Gupta, chief executive officer (CEO) of Miiro.

Miiro Hotels

The hotels will be under its fully owned entity in the UK which began acquiring hospitality assets in 2018. InterGlobe now owns 2,000 rooms including a 240-room hotel in Melbourne, Australia.

Ms Gupta said that the company is in the process of changing three upcoming hotels to their new brand. These hotels in 10 countries, including the upcoming three in Paris, Barcelona and London, have been operational since their purchase in 2018 and 2019.

The idea behind the venture was “to purchase high-yield assets in iconic locations." In 2019, it ramped up its business by acquiring 10 hotels of Austrian hotel company K+K Hotels Elisabeta. This company had two hotels each in Austria and the Czech Republic, and one hotel each in France, Germany, Hungary, Romania, Spain and the UK. 

The Mint reported that while Gupta did not share the acquisition cost, it was reported in the media that K+K was first purchased by American hotel management company Highgate Hotels and Goldman Sachs as a joint venture in 2015 for $300-350 million, and later sold to InterGlobe in 2019 for about $450 million. InterGlobe has since sold the hotel in Bucharest, Romania.

Safari India had reported that last week Rahul Bhatia, group managing director of InterGlobe Enterprises, sold a 2% stake in InterGlobe Aviation in a block trade for ₹3,360 crore. The money will be used to expand its hospitality businesses and other developing businesses as per a filing the company made to the stock exchanges.