Accor to invest $35 mn in InterGlobe
France-based hotel group Accor, which on Monday entered into a joint venture with Emmar MGF for developing 100 budget hotels, plans to invest $35 million as equity towards its another JV with Indian tourism company, InterGlobe.
By PTI |
NEW DELHI: France-based hotel group Accor, which on Monday entered into a joint venture with Emmar MGF for developing 100 budget hotels, plans to invest $35 million as equity towards its another JV with Indian tourism company, InterGlobe.
"We expect to put in about $35 million as equity investment in InterGlobe," Accor Asia Pacific CEO David Zalmon Baffsky said on the sidelines of Emmar MGF press conference.
The investment could go up to $50 million, he added. Accor has committed an investment of $150 million as equity in its 50:50 JV with Emaar MGF.
Accor had entered the Indian hotel market in 2004 through a joint venture with InterGlobe, creating InterGlobe Hotels. With Interglobe, the company has 60:40 JV for real estate development and 70:30 for hotel management, he said.
The company is presently developing six hotels under economy brand 'Ibis', he said, adding that it was looking for more opportunities.
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The six hotels, adding up to extremely 1,200 rooms, are being developed at a total cost of $75 million (Rs 350 crore) in Gurgaon, Mumbai, Pune, Bangalore, Hyderabad and Jaipur.InterGlobe Hotels expects to have 15 Ibis hotels under development, with 2,700 rooms, and a total investment of $180 million (Rs 805 crore).
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