Monday, December 04, 2006

Emaar to build budget hotels in India

Emaar MGF, Indian subsidiary of Emaar Properties, has joined hands with Accor to come up with 100 Formule 1 budget hotels in India in ten years. It said that it will invest Dh1.1 billion ($300 million) for the same.

Emaar MGF has identified many locations across the country for the development of Formule 1 hotels. It will start with major metros. The company revealed that it aims to develop 50 hotels in the first five years of its operations, with the remaining 50 to be developed in the second phase.

An agreement to form the joint venture was signed in the presence of Emaar Properties chairman Mohammad Al Abbar and Accor SA Chief Executive Officer Gilles Pelisson.

Budget Hotels India Private Limited will have 10,000 rooms.

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