Financial Daily from THE HINDU group of publications
Wednesday, Mar 09, 2005
Financial Daily from THE HINDU group of publications Wednesday, Mar 09, 2005 |
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Industry & Economy
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Hotels InterGlobe-Accor to set up economy hotels Our Bureau
Mr Rahul Bhatia , Managing Director, InterGlobe Enterprises Ltd, exchanging documents after signing an agreement with Mr Michael Issenberg, Managing Director, Accor Asia Pacific, in the Capital on Tuesday. — Kamal Narang
New Delhi , March 8 INTERGLOBE Hotels, a 60:40 joint venture between Interglobe Enterprises and Accor Asia Pacific, will invest in and develop a minimum of 25 `Ibis' brand economy hotels across India and South Asia over the next 10-12 years. The ventures envisage an investment of over Rs 850 crore over the period. In a statement, the group said that the development activity for Ibis hotels is already under way in Bangalore and Gurgaon, which together will have more than 600 rooms. Besides, the target cities for immediate future development include Mumbai, New Delhi, Chennai and Hyderabad. A site is under active negotiation in Pune while another site has been secured at Jaipur. In addition, Accor is pursuing management opportunities in the sub-continent and actively negotiating the management of two purpose-built 300-room Novotel brand hotels at Gurgaon and Hyderabad. Accor is also in discussion to manage Novotel hotels at Chennai, Mumbai and Pune. "We are confident and excited about establishing our dominant presence in the world's fastest growing travel market. We look to introduce our other major brands including Sofitel, Novotel and Mercure, when the appropriate projects become available," the Managing Director, Accor Asia Pacific, Mr Michael Issenberg, said.
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