We have entered into an agreement with Accor, to develop, own and operate, through a joint venture company, budget hotels in India under the brand “Formule 1”. As of 31st October, 2009, we had an interest in 50.01% of the issued share capital of the joint venture company. Accor has agreed to manage all of the hotels developed under this joint venture either on its own or through an affiliate or nominee. As of 31st October, 2009, the joint venture entity had acquired a site for development in Trivandrum.
Premier Inn
We are party to a joint venture agreement with Premier Travel Inn India Limited (“Premier Inn”) to develop and operate, through a joint venture company, limited service hotels in India under the brand “Premier Inn”. We, along with our associates, own 50.1% of the issued share capital of the joint venture. These hotels will be positioned within the mid-market segment and priced at a level to appeal to business and leisure travelers seeking quality mid-market hotel accommodation.
The joint venture has opened its first hotel in Bangalaru which is a mid - market hotel priced at a level to appeal to business and leisure travelers seeking quality budget accommodation. The hotel is located in Whitefield and has 105 well-appointed rooms,a restaurant and bar, meeting room and a health club and is part of the joint venture with Premier Travel Inn India Ltd.
Hyatt Place
Emaar MGF and HP India Holdings Limited, an indirect subsidiary of Hyatt International Corporation, have formed a joint venture company for the purpose of developing and managing a minimum of 20 “Hyatt Place” hotels across India within a time frame of 10 years from the date of formation of such joint venture.
