 |
| Emaar MGF and Accor, global leaders in economy and budget hotels, |
 |
signed a joint venture agreement to bring the Formule 1 brand of budget hotels to India. The new venture, “Budget Hotels India Private Limited”, has planned investments of US$300 million over ten years. |
|
| |
| |
|
 |
We have already identified potential locations across the country for the development of Formule 1 |
| |
hotels. Starting with major metros, we are looking at developing 50 hotels in the first five years of its operations, with the remaining 50 to be developed in the second phase. The total development will add 10,000 hotels rooms that cater to the budget travelers. |
| |
|
| About Formule 1 |
| |
|
 |
The Formule 1 (and associated ETAP) brand, the industry |
 |
| |
benchmark for low-cost hotels in the world, comprises over 650 hotels with 57,000 rooms in 12 countries, including France, Germany, Italy, Great Britain, Brazil, South Africa, Japan, Indonesia and Australia. |
| |
|
 |
Formule 1 hotels offer modern functional rooms with basic comforts, including en suite bathrooms, for |
| |
business and leisure consumers, and are often located in city centers, key suburbs, major roadways or near airports and transport hubs. The hotels will each feature upwards of 80 rooms, a restaurant serving local cuisines, modern telecommunications services, and 24-hour reception desk. |
| |
|
| Whitbread |
| |
|
 |
We have signed a 50:50 Joint Venture with Premier Inn – a |
 |
| |
subsidiary of Whitbread PLC, UK’s largest hospitality company. This JV will develop and operate 80 limited services hotels under the brand “Premier Inn” over next 10 years across India with an investment of upto GBP 300 million. Uniquely positioned between a Business and Budget category this initiative will add over 12,000 hotel rooms across India. Affordably priced, this will be an appropriate offering for the business and leisure travelers seeking high quality branded budget hotel accommodation. |
| |
|
| About Premier Inn |
| |
|
 |
Premier Inn is the UK's biggest hotel brand with over 480 hotels and more than 32,600 rooms. In the |
| |
UK, all Premier Inn bedrooms are 22m² and feature a king size bed with quality duvet and pillow options; en-suite bathroom with shower and bath; remote control TV/radio alarm; tea/coffee making facilities; and a spacious desk area with internet access. The Indian JV product will be to the same high UK standard but additionally the hotels will include air-conditioning, and a food & beverage offer to meet the specific demands of this Indian hotel market.
|
| |
|
| Hyatt Place |
| |
|
| |
|
 |
A non binding term sheet has been signed to set up joint venture |
 |
| |
with Global Hyatt Corporation for approximately 20 Hyatt place hotels over a period of 10 years. |
| |
|