Emaar MGF to invest $600 mn to build hotels in India

Emaar MGF to invest $600 mn to build hotels in India

Tuesday, 19 June 2007, 07:00 Hrs
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New Delhi: Emaar MGF, one of India's leading real estate firms, has entered into a 50:50 partnership with Britain's Premier Travel Inn to develop 80 budget hotels across the country with an investment of $600 million over the next 10 years.

The new hotels, which would be operated under the 'Premier Travel Inn' brand, are expected to add over 12,000 rooms in India within the price range of 2,400-3,600.

"This alliance will introduce a new category of affordable class of branded hotels for the discerning Indian traveller looking for the best amenities at reasonable price points," Shravan Gupta, executive vice chairman and managing director of Emaar MGF, said in a statement here.

"This joint venture is in line with our ambitious hospitality plans and will serve to be a quantum leap for the sector in the country," he added.

India would form the second big international market for Premier Travel Inn, which is a subsidiary of Britain's largest hospitality company Whitbread Plc.

"We have been looking at emerging international markets and this part of the world is enjoying rapid growth in both business and leisure travel," said Alan Parker, chief executive of Whitbread Plc.

"Our entry into India will fill a gap in the country's hotel market by providing a high quality branded budget hotel product, and our aim is to offer customers a consistent choice whether they are in the UK or India and we're very pleased to have Emaar-MGF as our JV (joint venture) partner to help this happen," Parker said.
Source: IANS
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