Tuesday, November 28, 2006

Hilton, DLF to Build 75 Hotels in India in 7 Years

Hilton Hotels Corp., the second- largest U.S. provider of rooms, plans to build 75 hotels and serviced apartments in India in a venture with DLF Ltd, a real estate company owned by billionaire Kushal Pal Singh.

Hilton, based in Beverly Hills, California, will invest $143 million building the properties over seven years, the companies said in a statement. DLF will control 74 percent of the venture.

Hilton and Accor SA, Europe's largest hotel company, are building rooms in India as Deccan Aviation Ltd. adds flights to new airports and tourism grows at the world's third-fastest pace after Montenegro and China.

Hilton Chief Executive Officer Stephen Bollenbach said in October the group is also looking for a partner in China, where it plans to open 100 hotels in the next three to five years.

Hilton today said it will build its Hilton Hotels and Hilton Garden Inn brand in India, a move made possible by its $5.7 billion purchase of U.K.-based Hilton Group. The venture will initially build 20 hotels in cities including Chandigarh, Chennai, and Kolkata to cater to business travelers, it said.

Paris-based Accor yesterday said it formed a venture with the Indian unit of Emaar Properties PJSC to set up 100 budget hotels in India. John Keells Holdings Ltd., Sri Lanka's biggest hotel operator, plans to invest $100 million building its first resorts in India, Deputy Chairman Ajit Gunewardene said in an interview in Singapore.
SOURCE:- Bloomberg


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