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Emaar Links With Accor for $300M India Venture

NEW DELHI-Emaar MGF and Accor are planning to build 100 budget hotels in China.

By Anita Howarth | Updated on November 29, 2006

NEW DELHI-Emaar MGF has formed a joint venture with French budget hotel chain Accor to bring the Formule 1 brand of budget hotels to India. The new company, to be called Budget Hotels India Private Ltd, plans to invest $300 million in India over 10 years.

Starting with major Indian metros, the company seeks to develop 50 hotels in the first five years of its operations; another 50 are to be developed in the second phase. Emaar MGF is a partnership between Dubai-listed property developer Emaar Properties and MGF Developments, a locally based realty developer.

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