Accor signs major Indian deals

As part of its
global development strategy aiming at opening 200,000 new hotel rooms by
2010, of which 60% in emerging markets, Accor has signed significant
partnerships that trigger a major expansion in India.This expansion plan
covers the full spectrum of the hotel market in India, including budget
Formule 1 hotels, economy Ibis hotels, mid-market Novotel hotels and
upper-upscale Sofitel properties.

  Gilles Pelisson, Chief Executive Officer, Accor, and HE Mohammed Ali
Alabbar, Chairman, EMAAR Properties, signed today an agreement to develop
100 Formule 1 hotels in India. This agreement will involve a joint
investment of US$300 million in phases.
  These hotels will be located in city locations and will feature upwards
of 80 rooms with en suite bathrooms, restaurant and a 24-hour reception
service [1]. Sites for the hotels are currently being finalized and 10
hotels are scheduled to open in the next two years.
  Accor’s partner, the Dubai-based EMAAR group, is one of the world’s
largest property developers, who has worked with Accor on a number of
projects in the Middle East. The EMAAR group has already developed in India
the Novotel Hyderabad and Hyderabad International Convention Centre that
Accor manages.
  Moreover, Accor and its joint-venture partner InterGlobe are also
developing a network of Ibis hotels around the country. Projects include,
in addition to a complex combining Ibis and Novotel in Bangalore (380
rooms), hotels in five key business centres - Gurgaon, Mumbai, Pune, Jaipur
and Hyderabad.
  By the end of 2007, Accor and InterGlobe expect to have up to 15 Ibis
hotels (2,700 rooms) under development, for a total investment of US$ 180