Business Daily from THE HINDU group of publications
Thursday, Jun 21, 2007
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Business Daily from THE HINDU group of publications Thursday, Jun 21, 2007 ePaper |
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Alliances & Joint Ventures Emaar MGF in tie-up with UK hotel chain Our Bureau
New Delhi June 20 Real estate firm Emaar MGF announced a 50:50 joint venture with Premier Travel Inn, a subsidiary of UK hospitality company Whitbread PLC. With an investment of up to Rs 2,400 crore, the joint venture will develop and operate 80 limited services hotels under the `Premier Travel Inn' brand over the next 10 years. Positioned between business and budget categories, this initiative will add over 12,000 hotel rooms across the country. The room tariff would range from Rs 2,400 to Rs 3,600 per night. Mr Shravan Gupta, Executive Vice-Chairman and Managing Director, Emaar MGF said, "This alliance will introduce a new category of branded hotels for a traveller looking for best amenities at reasonable price points. This joint venture is in line with our hospitality plans and will serve to be a quantum leap for the sector in the country." Emaar MGF had earlier tied up with Accor — global leaders in economy and budget hotels — to bring 100 Formule 1 hotels across India with an investment of $300 million. Headquartered in New Delhi, Emaar MGF started operations in the country in 2005 and is engaged in projects spanning residential, commercial and retail, hospitality, special economic zones and IT parks, education and healthcare segments.
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