Business Daily from THE HINDU group of publications
Wednesday, Apr 02, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Apr 02, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Hotels Emaar MGF ties up with Marriott 
More room: Mr Shravan Gupta, Executive Vice-Chairman & Managing Director, Emaar MGF, and Mr Ed Fuller, President & Managing Director, Marriott International, at a press conference in Mumbai on Tuesday. — Our Bureau Mumbai, April 1 Emaar MGF is partnering Marriott International Inc, the international hospitality company, to design, construct and equip luxury-branded JW Marriott Hotels in New Delhi, Hyderabad, Kolkata and a ‘Courtyard by Marriott’ hotel in Amritsar, at a total investment of over $400 million. The hotel projects are likely to be completed by 2010-end. Mr Shravan Gupta, Executive Vice-Chairman and Managing Director of Emaar MGF, told presspersons while his company will be the owner and developer of the proposed hotels, Marriott International shall provide advisory and management services for the planning, design, construction and operations. According to Mr Sanjiv Rai, Chief Operating Officer-Hospitality of Emaar MGF, the company will fund the upcoming projects through internal accruals, project financing and debt. Emaar MGF is a joint venture between Emaar Properties PJSC, Dubai and MGF Developments Ltd, India. In February, the company had called off a $1.6-billion initial public offer due to unfavourable stock market conditions at that time. More Stories on : Alliances & Joint Ventures | Hotels | Real Estate & Construction
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