| Emaar MGF, the Indian subsidiary of Dubai-based Emaar Properties, has partnered with European hotel chain Accor to roll out up to 100 Formule 1 budget hotels in India in ten years with an investment of Dh1.1 billion ($300 million), reports gulfnews.com.
"The company has already identified potential locations across the country for the development of Formule 1 hotels. Starting with major metros, the company is looking at developing 50 hotels in the first five years of its operations, with the remaining 50 to be developed in the second phase," a company statement said.
An agreement to form the joint venture was signed yesterday in the presence of Emaar Properties chairman Mohammad Al Abbar and Accor SA Chief Executive Officer Gilles Pelisson.
The new venture, Budget Hotels India Private Limited, will add 10,000 rooms.
Emaar MGF is a partnership between global property developer Emaar Properties and MGF Developments.
This is Emaar's major foray in the Indian tourism market, tipped to be one of the fastest developing in the world.
According to the World Tourism Organisation (UNWTO), India's international arrival rose 13 per cent while tourism receipts rose 20 per cent last year.
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