| Hilton Hotels is creating a joint venture company in India with DLF Limited to develop and own 75 hotels and serviced apartments over the next 7 years, reports chinahospitalitynews.com.
The formation of the joint venture is pending receipt of formal written approval from the Indian Government.
The JV-owned hotels will represent several brands from Hilton Hotels Corporation's brand portfolio, including Hilton Hotels, Hilton Garden Inn, Homewood Suites by Hilton and Hilton Residences. The JV Company will develop and build these properties, while Hilton will manage them.
DLF will hold 74% in the JV Company, and Hilton will hold the remaining minority stake. Over the next 5 to 7 years, Hilton will invest up to US$143 million in the JV Company, before consideration of debt.
The initial stage of the joint venture will involve 20 hotels in a number of key locations including Chandigarh, Chennai, and Kolkata. A large number of these hotels are expected to be Hilton Garden Inns - a business hotel brand, offering focused service. Beyond the initial 20 sites, the JV Company will continue to identify and acquire sites and undertake new hotel developments.
Source: http://www.chinahospitalitynews.com |
