Binod Chaudhary partners with Marriott to expand hotel chain in India

In recent months, Nepalese billionaire Binod Chaudhary has taken significant steps to enhance his hospitality ventures by forming a collaboration with Marriott International. Under this partnership, which was publicly announced late Thursday, CG Hospitality, the hotel management arm led by Chaudhary, agreed with Marriott to develop 380 new hotels and resorts across India over the next five years. This expansion is particularly timely as the Indian tourism sector is poised for notable growth, making it an attractive market for hospitality enterprises. Currently, CG Hospitality operates The Fern chain, which has over 120 properties distributed throughout India. The ambitious plan is to increase The Fern's portfolio to 500 hotels by the year 2030. This growth strategy aligns with the increasing demand for quality midscale and upscale accommodations in India, which is expected to become a significant market for Marriott International. With the expected expansion, The Fern aims to capture a larger share of the midscale hotel segment, potentially positioning it as the leading brand within this category in the region. As part of this strategic partnership, Marriott is expected to invest approximately $15 million into CG Hospitality’s Concept Hospitality. This deal also marks the global introduction of Marriott's new midscale and upscale lodging brand, Series by Marriott, which will complement its existing portfolio of 158 properties in India under various brand names. Binod Chaudhary’s vision includes not only expanding The Fern's reach but also replicating successful hospitality concepts, such as wellness resorts, that he has explored in other countries. This is indicative of Chaudhary’s multifaceted approach to business, which encompasses various sectors including banking and food. According to industry experts and Marriott officials, strengthening their position in India is critical, as the region is projected to become Marriott's third-largest market following the United States and China. The hospitality sector’s growth in India is seen as a reflection of the country's increasing attractiveness as a travel destination, driven by both domestic and international tourism. Marriott's CEO, Anthony Capuano, has expressed confidence in India's potential, emphasizing the importance of this partnership in bolstering Marriott's leadership in what is becoming a pivotal market for them. As the collaboration progresses, it is anticipated that the joint investments will not only enhance hospitality offerings in India but also provide employment and stimulate economic activity in the regions where the new properties will be established.