India-based hotel company InterGlobe has refinanced its European hotel portfolio with a €250 million ($293 million) loan from Germany's Aareal Bank.
Nine European hotels will benefit from the capital injection, and all are or will be affiliated with InterGlobe’s Miiro lifestyle hotel brand. Several hotels included will be repositioned from the company's K+K Hotels brand. InterGlobe acquired the K&K Hotels portfolio in 2019 from Goldman Sachs and Highgate Hotels.
Bettina Graef-Parker, Aareal’s managing director of special property finance, said in a statement that “upgrading existing hotels and repositioning them as lifestyle properties under InterGlobe´s new brand Miiro is certainly a value-add to the portfolio.”
Miiro is wholly owned by InterGlobe Enterprises United Kingdom Limited, a division of conglomerate InterGlobe that also has interests in aviation — including ownership of airline IndiGo — and travel services.
Miiro executives hinted at the brand's European expansion plans back in April 2024. Neena Gupta, CEO of Miiro Hotels and executive director of group strategy and international hospitality at InterGlobe, said Miiro's rollout will include hotels in Europe's key markets.
“This is the first hotel brand from InterGlobe, and we are focused to ensure that guest experience is more thoughtful and personal and the environment we have created allows our guests to recharge in some of the liveliest cities in Europe,” Gupta said at the time.
In Europe, InterGlobe and Miiro own and operate the 123-room Miiro Le Grand Hôtel Cayré in Paris and the 92-room Miiro Borneta in Barcelona, which both opened in summer 2024. The portfolio also includes the 29-room The Mansard, which opened in Gstaad, Switzerland, in November 2024; the 156-room Miiro Templeton Garden in London that opened in April; and the 64-room Miiro Palais Rudolf, which opened in Vienna earlier this month.
Another Viennese hotel is to open imminently, and Aareal funding will move forward the opening of three more in the next few years.
In Europe, the K&K Hotels brand currently has one hotel in Germany, the 102-room K+K Hotel am Harras Munich; one in Hungary, the 201-room K+K Hotel Opera Budapest; and two in the Czech Republic, the 127-room K+K Hotel Central Prague and the 128-room K+K Hotel Fenix Prague.
In May, InterGlobe and French hotel firm Accor detailed the second phase of their partnership. The two firms project 300 hotels in India under Accor brands by 2030, up from the current number of just more than 70. Both companies also invested in a joint venture to be the majority shareholders in Indian hotel-franchising firm Treebo, which has 800 hotels in India.
