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BRINGING IN BUDGET HOTELS: (From left) Mr David Baffsky, Chairman, Accor Asia Pacific; Mr Gilles Pelisson, Chief Executive Officer, Accor SA; Mr Mohamed Ali Alabbar, Chairman, Emaar Properties; and Mr Shravan Gupta, Executive Vice-Chairman & MD, Emaar MGF, in New Delhi on Monday after signing the agreement of a new joint venture between Emaar MGF Land and Accor. — Kamal Narang

New Delhi , Nov. 27

Emaar MGF and Accor, on Monday announced the formation of a joint venture, Budget Hotels India Private Ltd, to bring Formule 1 brand of budget hotels to the country.

The new venture plans to invest $300 million over the next decade. The company has already identified potential locations for the development of Formule 1 hotels. Starting with the major metros, the company plans to develop 50 hotels during the first five years of operations, with the remaining 50 to be developed in the second phase. The total development will add 10,000 hotel rooms.

Emaar MGF is a partnership between global property developer Emaar Properties, the Dubai-based public joint venture stock company, and MGF Developments.

More Stories on : Alliances & Joint Ventures | Hotels

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