The new hotels will come up at Bengaluru, Mumbai, Thane and Goa. With the addition of these six hotels, we will be adding around 980 roooms, he added.
InterGlobe Hotels has already invested around Rs 2,000 crore in the portfolio of 'ibis' hotels so far, Singh said.
When asked about the strategy the company follows for expansion, he said; "In our system of development, we look at almost 200 opportunities in a year where we can invest, but we have our own criteria for investment. We focus on the cities and locations where we want to be present".
Secondly the company also follows the strategy of densifying presence in the cities where we are already present, he added.
On being asked how the InterGlobe Hotels will fund the expansion, Singh said: "It will be through a mix of debt and equity. Around 50 per cent will be equity and 50 per cent will be debt".
Highlighting the need for more hotel rooms in the country, Singh said, "There is a huge need for more hotel rooms at the rate the economy is growing. There is vacuum in the mid-market segment. Opportunity here is enormous".
InterGlobe Hotels was established in 2004 for development of the 'ibis' network of hotels in India, Nepal, Sri Lanka and Bangladesh.
While Accor owns 40 per cent stake in the JV, InterGlobe Enterprises has a 60 per cent stake, Singh said.