DLF Forms JV With Hilton For Hotels In India; To Invest $143 Million
It’s tie-up time for the hospitality sector in India. Soon after Emaar MGF signed up with France’s Accor Group for budget hotels in the country, Delhi-based real estate group DLF Ltd and Hilton Hotels Corp have formed a joint venture for the hotel business.
The JV will develop and own 75 hotels and serviced apartments over the next seven years, beginning with 20 hotels in Chandigarh, Chennai and Kolkata. The hotels will cover several Hilton brands, including Hilton Hotels, Hilton Garden Inn, Homewood Suites by Hilton and Hilton Residences. DLF will hold 74 percent and Hilton will hold the remaining stake. The JV plans to invest up to $143 million.
With international majors coming to India, the hospitality sector is getting hotter.
Related:
Emaar MGF Forms JV With France’s Accor For Budget Hotels; IPO In 2007
