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According to Economic
Times, MOU to this effect has been already signed and the detailed
agreement will soon follow. Emaar MGF has confirmed the development, but
declined to give any details.
Hyatt Place is the new brand of Global Hyatt Corporation
which manages over 735 hotels and resorts with over 1.36 lakh rooms in
more than 44 countries. Its affiliate brands include Park Hyatt, Grand
Hyatt, Hyatt Regency, Hyatt Resorts and Hyatt Summerfield Suites.
Emaar MGF is expected to be the majority partner in the
venture with a 74% stake. Hyatt will own the rest. It will also provide
management and brand services, including marketing.
The Joint Venture company plans to develop 20 Hyatt
Place hotels with around 3,000 rooms across the country over next 10 years
with a proposed investment of Rs 1,5 Billion (380 million). During the
first four years of its operations, the JV will set up properties in Mohali,
Gurgaon, Mysore, Mangalore, Hyderabad, Lucknow, Cochin and Goa.
Hyatt Place brand has been launched for the contemporary,
multi-tasking business travellers, providing a combination of personal
and professional activities. It offers an atmosphere of casual hospitality
with a balanced mix of comfortable and functional amenities such as spacious
guestrooms with plush interiors, three-meal restaurant, lounge, business
centre and fitness room.
Emaar MGF has already announced JVs with Accor and Premier
Travel Inn for the development of hotels in India. The Rs.7 billion IPO
will hit the market on February 1
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