Spectrum Foods Limited has signed a non-binding Letter of Intent (LOI) with the Intercontinental Hotels Group (IHG), a renowned British hospitality company, for the management and branding of its upcoming 5-star hotel in Pushkar under the upscale ‘voco’ brand. This collaboration marks a major milestone for Spectrum Foods as it ventures into the luxury hospitality sector.
The proposed hotel will be launched in two phases with a total of 185 rooms, including 138 rooms in Phase I and 47 rooms in Phase II. The property will feature pool villas, luxury rooms and suites, three F&B restaurants, a full-service spa, a gymnasium, banqueting facilities, wedding gardens, and spaces for corporate events, making it an ideal destination for both leisure and business travelers.
The voco brand, launched in 2018 by IHG, has rapidly expanded globally due to its flexible design and quick conversion process. Spectrum Foods’ Pushkar hotel will be part of IHG’s strategy to expand voco’s footprint, with plans to manage 200 hotels within 10 years.
Financial Projections
IHG has provided financial projections for the resort’s revenue and net profit, starting from June 2025:
- 2025 (Stub year): ₹35.4 crores in revenue with a net profit of ₹7.9 crores.
- 2026: ₹50.5 crores in revenue with a net profit of ₹14.4 crores.
- 2027: ₹59.5 crores in revenue with a net profit of ₹26.5 crores.
- 2028: ₹65.6 crores in revenue with a net profit of ₹27.5 crores.
The figures represent a robust growth trajectory for the luxury resort, although IHG is not financially liable for these projections, which may vary based on market conditions.
Project Update
The Pushkar hotel project is nearing completion, with Spectrum Foods committed to finishing the resort debt-free using internal accruals and cash on hand. The Hotel Management Agreement (HMA) with IHG is subject to further commercial evaluation by Spectrum Foods’ management team.
This collaboration marks a significant step forward in Spectrum Foods’ diversification strategy, entering the luxury hospitality sector with a well-established global partner.
