India Hospitality Corporation, the special purpose
acquisition vehicle focussing on the Indian hospitality sector, is
pleased to announce that following its successful debut on London's
AIM last week after raising $100m, its Chief Executive Jason Ader
addressed today's Second Annual Bear Stearns and Motilal Oswal India
Conference in New York. At the Conference, Jason Ader said: "While overheating of the Five
Star deluxe real estate market in Mumbai and New Delhi has resulted in
luxury hotel prices being extremely overvalued, I see substantial
growth opportunities for IHC in mid-market hotels in secondary cities
including Chennai, Hyderabad and Pune." Details on the recent listing on AIM include: -- IHC raised $100m at $6.00 per unit, closing its first week of
trading at a premium of 12% to the placing price of $6.70 per
unit.
-- The management team is headed by Jason Ader, who has a proven
track record in research and investment within the hospitality
sector. Mr Ader was one of the youngest ever Senior Managing
Directors with Bear Stearns & Co before founding New York
based investment manager, Hayground Cove.
-- IHC is targeting multiple acquisitions in fast-growing Indian
cities and top tourist destinations in India.
IHC and the Indian Hospitality Market: -- At 7-8% GDP growth, India has one of the fastest growing
economies in the world.
-- The Indian hospitality industry is largely driven by its
domestic market, particularly domestic tourism which grew
13.7% CAGR between 2000 and 2004.
-- IHC sees substantial opportunities in mid-market hotels in
secondary cities to include Chennai, Hyderabad and Pune.
-- The rapid expansion of Indian middle class with increasing
disposable income has risen from 300million people in 2005 to
500million in 2010 which, coupled with the growth in low cost
travel, is fuelling further growth in domestic tourism.
-- Recent Government initiatives have addressed the significant
imbalance in supply and demand across the sector, highlighting
the growth potential, especially ahead of the 2010
Commonwealth Games.
Management Directors and Executive Officers The Company's current Directors and Executive Officers are as
follows:
-0-
*T
Name Age Position
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Jason N. Ader Chief Executive Officer and
Chairman of the Board of
38 Directors
Andrew Sasson 36 Executive Director
Raj Nandiwada 41 Executive Director
Christa Short 33 Director
Pawan Munjal 51 Director
Anthony Juliano 39 Director
Manvinder Puri 51 Director
Rajeev Talwar(1) 51 Prospective Director
*T (1) Mr. Talwar is not currently a member of the Board of Directors
of the Company. His appointment will only occur if and when he
receives final approval by the requisite Indian governmental agencies
of his resignation from his positions as Additional Director General,
Ministry of Tourism and the Chairman and Managing Director of India
Tourism Development Corporation. There can be no assurance that he
will receive such approvals. Jason N. Ader is the Company's Chief Executive Officer and
Chairman of the Board of Directors. Mr. Ader founded and serves as the
President and Chief Executive Officer of Hayground Cove Asset
Management LLC, a New York-based investment management firm with
approximately $1.46 billion of assets across funds and accounts under
management as of May 31, 2006. Mr. Ader has a strong asset management
record and, prior to founding Hayground Cove, served as a Senior
Managing Director at Bear Stearns & Co. Inc., from 1995 to 2003, where
he performed equity and high yield research for more than 50 companies
in the gaming, lodging and leisure industries. From 1993 to 1995, Mr. Ader served as a Senior Analyst at Smith Barney covering the gaming
industry. From 1990 to 1993, Mr. Ader served as a buyside analyst at
Baron Capital, where he covered the casino industry. Mr. Ader has a
B.S. degree in Economics from New York University and a M.B.A. in
Finance from New York University, Stern School of Business. |