The JV-owned hotels will represent several brands from the Hilton portfolio, including Hilton Hotels, Hilton Garden Inns, Homewood Suites by Hilton and Hilton Residences. The JV company will develop and build these properties, while Hilton will manage them. DLF will hold 74% in the entity, and Hilton will hold the remaining minority stake. Over the next five to seven years, Hilton will invest up to $143 million in the JV, excluding debt.

The first phase of the expansion program involves acquiring 20 hotels in a number of key locations, including Chandigarh, Chennai and Kolkata. A large number of these hotels are expected to be Hilton Garden Inn properties. The second stage of the development involves identifying and acquiring sites for new hotel developments.

"India is an outstanding market for hotel development, given its combination of economics and demographics," says Ian Carter, EVP of Hilton Hotels Corp. and CEO of Hilton International Operations. He characterized the JV as a "compelling next step to capitalize on the development momentum."