Hilton plots India dominance with DLF

28th Nov 2006

Hilton Hotels Corporation has announced they will create a joint
venture company in India with DLF Limited with
plans to develop and own 75 hotels and serviced apartments over the next 7 years.The formation of the joint venture is pending receipt of formal written approval
from the Government. The JV-owned hotels will represent several brands from Hilton
Hotels Corporation’s brand portfolio, including Hilton Hotels, Hilton Garden Inn,
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 JV
Company, and Hilton will hold the remaining minority stake as a symbol of its
commitment to the venture. Over the next 5 to 7 years, Hilton will invest up to USD
143 million in the JV Company, before consideration of debt. The initial stage of
the joint venture will involve 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 Inns - a business hotel brand, offering focused service. Beyond the
initial 20 sites, the JV Company will continue to identify and acquire sites and
undertake new hotel developments.    Ian Carter, Executive Vice President, Hilton
Hotels Corporation and CEO of Hilton International Operations, explained the
attraction of the Indian market: “India is an outstanding market for hotel
development, given its powerful combination of economics and demographics. Hilton
will build on its collective experience in India and the opportunity with DLF is a
compelling next step to capitalise on the development momentum and build our Hilton
Family of Brands in India.”
Shakti Singh, Director, Hospitality Business, DLF said, “We are very excited about
this venture with Hilton. We see tremendous opportunities for growth in the
hospitality sector in India, given the attractive tourism and business avenues
unfolding in the country. Through this strategic partnership, we are confident of
bringing world-class hospitality and services across the country, further
strengthening the benchmarks that DLF has established as a pan-Indian developer.”



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