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Emaar MGF, India’s leading real estate developer, and Accor, global leaders in economy and budget hotels has announced a joint venture to bring the Formule 1 brand of budget hotels to India. The new venture, “Budget Hotels India Private Limited”, has planned investments of US$300 million over ten years.
Emaar MGF is a partnership between global property developer Emaar Properties and MGF Developments.
The company has already identified potential locations across the country for the development of Formule 1 hotels. Starting with major metros, the company is looking at developing 50 hotels in the first five years of its operations, with the remaining 50 to be developed in the second phase. The total development will add 10,000 hotels rooms that cater for the budget travellers.
Accor is the acknowledged global leader in economy and budget hotels. With the Formule 1, Ibis and other hotel investments, Accor has emerged as the largest international investor in the Indian hotel sector.
Emaar MGF Land Private Limited is India’s foremost joint venture in real estate with projects being implemented on a pan-India basis across top 30 cities. Emaar MGF has brought in the largest FDI amounting to approximately US$1 billion in the Indian real estate sector. The company is engaged in pan-India projects in residential, commercial, infrastructure and hospitality sectors in integrated master plans and special economic zones.
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