Mumbai: Targeting a pan-India presence real estate major Emaar MGF will invest $3.3 billion (Rs13,856 crore) in the country in the hospitality sector in next 5 to 7 years.
“The joint venture company has rolled out an agressive plan for the country’s hospitality sector with an initial investment of $3.3 billion in next 5 to 7 years,” Emaar MGF Land Managing Director and Executive Vice Chairman Shravan Gupta told PTI.
Emaar MGF is a joint venture between Dubai’s Emaar Properties PJSC and India’s MGF Developments, which started operations in mid-2005.
Overall the company would add 25,000 rooms in next 10 years in the business, budget and luxury segment, he said.
The company would come up with 10 luxury and 40 business hotels at an investment of $3 billion in 5 to 7 years, he said.
“We are looking at a pan India presence for our 40 business and 10 luxury hotels,” he said when asked about the sites identified for the hotels.
Apart from these, the company has tied up with European hotel major ACCOR to develop 100 budget hotels with 10,000 hotel rooms.
“We will develop Formule 1 brand of budget hotels which involves an investment of $300 million and have identified over 200 cities and towns that could potentially take them,” Gupta said.