KOCHI: Twenty14 Holdings, the hospitality investment arm of LuLu Group International, has acquired Abad Airport Hotel, located near the Nedumbassery airport, for an undisclosed amount.
The acquisition marks Twenty14 Holdings’ entry into the mid-scale hotel segment in India. Twenty14 Holdings is currently in talks with Marriott Hotels to re-brand the property as Fairfield, which will be the first Fairfield brand by Marriott in Kochi.
“We are proud to enter the Indian market through this acquisition. Abad Airport Hotel, Kochi, is a welcome addition to our growing portfolio of hotels worldwide. “Both domestic and international travel increased multi-fold in the past few years, giving a boost to the tourism sector, which in turn created the need for better hospitality facilities.
The vision of Twenty14 Holdings is to own mid-scale hotels and luxury properties in the coming years, initially in Kerala, Karnataka and major cities across the country,” said Twenty14 Holdings managing director Adeeb Ahamed.
Twenty14 Holdings owns assets worth more than US$450 million, spread in the UK, GCC and India.
The company recently opened its first five-star hotel at Business Bay in Dubai, UAE.
The Group has entered into a `1,089-crore agreement with property developer Galliard Homes to build a luxury five-star hotel at 1-5, Great Scotland Yard, which is the former headquarters of London’s Metropolitan Police Services.