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Hilton Creates Buy/Build JV in India

NEW DELHI-Hilton Hotels Corp. will use its newly minted agreement with DLF Ltd. to expand its brand in India.

By Anita Howarth | Updated on November 28, 2006

NEW DELHI-Hilton Hotels Corp. has revealed plans to create a joint-venture company in India with DLF Ltd. The mission will be to develop and own 75 hotels and serviced apartments over the next seven years.

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.

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