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Emaar MGF, Whitbread in JV to invest Rs2,500 cr on hotels

Emaar MGF, Whitbread in JV to invest Rs2,500 cr on hotels
PTI
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First Published: Tue, Jun 19 2007. 06 40 PM IST
Updated: Tue, Jun 19 2007. 06 40 PM IST
New Delhi: Real estate major Emaar MGF today said it will invest up to 600 million dollars (about Rs 2,500 crore) through a joint venture with UK’s largest hospitality firm Whitbread to develop 80 hotels across India.
The company said it has signed a 50:50 JV with Premier Travel Inn, a subsidiary of Whitbread, to set up 80 limited service hotels by 2017 across the country.
“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.
Limited service hotels are being positioned between a business and budget category and will be developed under the ‘Premier Travel Inn’ brand, having over 12,000 rooms, 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 Emmar MGF -- a JV between Dubai-based property firm Emaar and capital-based MGF -- after its tie up with ACCOR, a global leader in economy and budget hotels last year.
The partners had said they planned to bring 100 Formule 1 hotels across India with an investment of $300 million.
Premier Travel Inn is targeting a price segment of Rs2,400 and Rs3,600 a day to attract business and leisure travellers seeking high quality branded budget hotel accomodation, the statement added.
Premier Travel Inn is UK’s biggest hotel brand with over 480 hotels and more than 32,600 rooms.
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First Published: Tue, Jun 19 2007. 06 40 PM IST