Accor is accelerating its development in India
July 21, 2010
Accor announced Wednesday the creation of a hotel investment fund in India with InterGlobe to accelerate its development in the country.
The fourth global hotel group has made India and China its main axes of development in Asia.
The French group said in a statement that the agreement for seven hotels under construction that will be managed by the Accor brands, totaling 1,750 rooms valued at 325 million dollars (254 million euros) on completion.
Accor and InterGlobe each hold 32% of the fund balance of 36% returning to Pacifica Partners, an asset manager of the hotel investment company founded by GIC Real Estate Pte Ltd, based in Singapore, and Host Hotels & Resorts.
InterGlobe, transport specialist based in India, seeks to develop in tourism.
The seven hotels, which is scheduled to open between 2011 and 2013, include a Pullman at the Delhi airport, four and two Novotel Ibis.
Accor announced in September 2009 that it intended to open 44 hotels in India by the end of 2012, bringing its capacity to 10,400 rooms on site.
The Accor share wins 5.05% to 12.355 euros at 1:25 p.m., also after the publication of a turnover up substantially just confirmed the recovery of its business hotels.
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