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Emaar MGF Forms a JV with UK’s Biggest Hotel Brand Premier INN |
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| The 50 : 50 JV to invest upto US $ 600 million to develop Limited Services Hotel Across India | ||
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New Delhi , June 19, 2007: Emaar MGF – India’s leading real estate developer today announced a 50:50 Joint Venture with Premier INN – a subsidiary of Whitbread PLC, UK’s largest hospitality company. In the past Emaar MGF has tied up with Accor – global leaders in economy & budget Hotels to bring 100 Formule 1 hotels across India with an investment of US$ 300 million. |
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| 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 US$600 million. | ||
| Uniquely positioned between a Business and Budget category this initiative will add over 12,000 hotel rooms across India. Affordably priced between approx. Rs. 2400 – Rs. 3600 this will be an appropriate offering for the business and leisure travelers seeking high quality branded budget hotel accommodation. | ||
| Shravan Gupta, Executive Vice Chairman and Managing Director, Emaar-MGF said : "We are glad to partner with “Premier INN” – UK’s biggest Hotel brand, bringing yet another first for Indian Business & Leisure travelers. This alliance will introduce a new category of affordable class of branded hotels for the discerning Indian traveler looking for best amenities at reasonable price points. | ||
| He further added, ” This joint venture is in line with our ambitious hospitality plans and will serve to be a quantum leap for the sector in the country”. | ||
| Alan Parker, Chief Executive, Whitbread PLC said: "We have been looking at emerging international markets and this part of the world is enjoying rapid growth in both business and leisure travel. Our entry into India will fill a gap in the country's hotel market by providing a high quality branded budget hotel product, and our aim is to offer customers a consistent choice whether they are in the UK or India and we're very pleased to have Emaar-MGF as our JV partner to help this happen”. | ||
| This will be Premier INN's second international market. A joint venture with Emirates was announced last year to develop the brand in the Gulf region, with its first site in Dubai currently under construction, and due to open Spring 2008. | ||
| About Emaar MGF: | ||
Emaar MGF Land limited - India’s leading real estate developer has brought in the largest FDI in the Indian real estate sector. |
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Headquartered in New Delhi, the company started operations in India in mid-2005 and is engaged in pan India projects across Residential, Commercial & Retail, Hospitality, Special Economic Zones (SEZs) and IT parks, Education and Healthcare. |
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As a real estate company, Emaar MGF aims to make a real and positive impact on the lives of the people bringing in outstanding quality realty developments. Currently the company has rolled out integrated mega township project in Mohali Hills, in Mohali- Chandigarh and The Palm Springs, a residential community project in Gurgaon. |
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About Whitbread Plc: |
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Whitbread PLC is the UK's largest hospitality company, managing market leading businesses in the budget hotels, restaurant and health & fitness sectors, including Premier INN, Brewers Fayre, Beefeater and Costa.Whitbread's strategy is to create value for our shareholders by focusing investment and growing in expanding sectors of the hospitality industry, primarily in the UK but also in selected overseas markets. In the financial year to March 1, 2007, Whitbread generated pre-tax, pre-exceptional profit of £213.0m.Founded in 1742, the company is listed on the London Stock Exchange (as WTB.L) and is a member of the FTSE4Good indices. http://www.whitbread.co.uk/. |
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About Premier INN: |
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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. |
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| Premier INN offers customers a 'Good Night Guarantee' of a good quality room, comfortable surroundings and friendly service, | ||