Emaar MGF-Whitbread JV to invest Rs2,500 crore in budget hotels in India
19 June 2007
Mumbai: Real estate major Emaar MGF has tied up with UK''s largest hospitality firm Whitbread to develop 80 hotels across India, with planned investments of nearly $600 million (about Rs2,500 crore).
The company has signed a 50:50 joint venture with Premier Travel Inn, a subsidiary of Whitbread, for setting up 80 limited service hotels in the country by 2017.
"The joint venture is in line with our ambitious hospitality plans and will serve to be a quantum leap for the sector in the country," Emaar MGF executive vice-chairman and managing director Shravan Gupta said in a statement.
These limited service hotels, to be developed under the ''Premier Travel Inn'' brand, having over 12,000 rooms, are being positioned between a business and budget category, it said.
"Our entry into India will fill a gap in the country''s hotel market by providing a high quality branded budget hotel product," Whitbread chief executive Alan Parker said.
This
is the second major announcement in the hospitality sector by
