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Hilton in $143m Indian joint venture
Hilton Hotels Corporation plans to develop 75 hotels and apartments in India through a new joint venture company.
The hotel group plans to invest up to $143 million in the Indian JV company over the next five to seven years.
The JV-owned hotels will represent several brands from HHC’s brand portfolio, including Hilton Hotels, Hilton Garden Inn, Homewood Suites by Hilton and Hilton Residences. The JV company will develop and build these properties, while Hilton will manage them.
The initial stage will involve 20 hotels in key locations including Chandigarh, Chennai, and Kolkata. A large number of these hotels are expected to be Hilton Garden Inns – a business hotel brand, offering focused service.
Indian partner DLF will hold 74% in the JV company with Hilton holding the remaining minority stake as a symbol of its commitment to the venture.
Hilton Hotels Corporation executive vice-president and CEO of Hilton International Operations Ian Carter said: “India is an outstanding market for hotel development, given its powerful combination of economics and demographics.
“Hilton will build on its collective experience in India and the opportunity with DLF is a compelling next step to capitalise on the development momentum and build our Hilton Family of Brands in India.”
Report by Phil Davies
Phil Davies
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